Route Mobile Q3 Revenues: Route Mobile Q3 Results: Net profit increased 33% year-on-year to Rs 1013.6 billion.
The company’s quarterly operating revenue was Rs 1024.3 crore, up nearly 4% year-on-year.
“PAT for the third quarter of fiscal 2024 increased due to exceptional items amounting to Rs 15 crore representing fair value gain of contingent consideration payable on acquisition of 100% equity stake in MR Messaging FZE as on December 31, 2023.” said in a statement Tuesday.
Meanwhile, earnings before interest and taxes (EBITDA) decreased 2.2% on a quarterly basis.
“It was a bit of a weak performance considering that the third quarter has historically been our best quarter,” said Rajdipkumar Gupta, managing director and group CEO, Route Mobile.
This was due to industry headwinds and delays in several of the company’s large contracts, he said. “We have recently attracted some large customers from Asia and Europe and this will gradually increase.”
Gupta added that growing adoption of channels such as WhatsApp and Rich Communication Services (RCS) has improved results.
“… Some of the recent contract wins are equivalent to monthly sales for that product line. “The evolving messaging landscape is creating exciting opportunities to welcome countless new customers to our omnichannel platform,” he added.
Regarding Proximus Group’s acquisition of a majority stake in Route Mobile, Gupta said significant US approval for the company is now nearing closure. “Several regulatory approvals in the Middle East are awaited shortly.”
Belgian government-owned telecom major Proximus Group will acquire 57.56% promoter stake in Route for at least Rs 5,922 crore.
