Route Mobile Limited (“Route Mobile”), a leading cloud communication platform service provider to enterprises, over-the-top (“OTT”) players, and mobile network operators has announced its financial results for the third quarter ended on December 31, 2023.
Highlights for Q3FY24 (YoY) Consolidated Financials
Revenue from operations stood at Rs. 1,024.3 crore as against Rs. 985.7 crore in Q3FY23Profit Before Exceptional Items and Tax stands at Rs 116.6 crore as against Rs. 103.1 crore in Q3FY23 Profit After Tax (PAT) reported was at Rs. 113.6 crore as against Rs. 85.4 crore in Q3FY23. PAT in Q3 FY24 was boosted by Exceptional Items amounting to Rs. 15.0 crore, representing the fair value gain, as on December 31, 2023, of the contingent consideration payable towards the acquisition of 100% equity stake in M.R Messaging FZEEPS stands at Rs. 16.89 (basic) and Rs. 16.66 (diluted)
Q3 FY24 Vs Q2 FY24 (Consolidated)
Revenue from operations for the quarter ended December 31, 2023, stood at Rs. 1,024.3 crore as compared to Rs. 1,014.6 crore in Q2 FY24.
Profit Before Exceptional Items and Tax (PBT) stood at Rs. 116.6 crore for Q3 FY24 as compared to Rs. 103.8 crore in Q2 FY24. The company’s PBT margin stood at 11.4%.
Profit After Tax (PAT) reported at Rs. 113.6 crore for Q3 FY24 as against Rs. 88.4 crore in Q2 FY24. PAT margin stood at 11.1%. PAT in Q3 FY24 was boosted by Exceptional Items amounting to Rs. 15.0 crore, representing the fair value gain, as on December 31, 2023, of the contingent consideration payable towards the acquisition of 100% equity stake in M.R Messaging FZE.
Commenting on the results, Mr. Rajdipkumar Gupta, Managing Director & Group Chief Executive Officer, Route Mobile Limited, said, “I am delighted to share that we have registered our best quarterly revenues during the quarter gone by. It was a slightly muted performance, considering Q3 is historically our best quarter. This is due to the industry headwinds and delays in a couple of our large contracts going live. We have recently onboarded some large customers in Asia and Europe and they should gradually ramp up”. He also said, “We are encouraged by the growing adoption of channels like WhatsApp and RCS, some of our latest contract wins are equivalent to the monthly revenues of these product lines. The evolving messaging landscape is creating exciting opportunities for us to welcome numerous new clients to our omnichannel platform.”
Talking about the Proximus deal, he added, “We have secured the most important US approval and are in striking distance of the deal closure. A couple of regulatory approvals from the Middle East are awaited anytime soon”.
