Route Mobile shares cross the ?1,000 mark, up 26% in just 4 days

Route Mobile's

Shares of Route Mobile today hit a new high of ?1,006 in intra-day trade when they rose as much as 4.5%. Shares of the cloud communications platform service provider has surged over 26% in the past four sessions. Earlier this week, the company had announced its quarterly numbers.

Route Mobile doubled its consolidated net profit at ?32.7 crore for the September 2020 quarter. The company had posted a net profit of ?13 crore for the same period last year, Route Mobile said in a regulatory filing.

Route Mobile had debuted on stock exchanges last month and shares had doubled on Day 1 itself as compared to the issue price of ?350.

The company saw its revenue from operations grow about 78% to ?349.3 crore in the quarter under review from ?196.6 crore in the year-ago period.

Earnings per share (EPS) for the quarter ended September 30, 2020 stood at ?6.46.

In sequential terms, the net profit was higher by 21.5% from ?26.9 crore, while revenue from operations was higher by 12.8% from ?309.6 crore in June 2020 quarter.

“Q2 FY21 has been another quarter of strong performance, backed by better operating leverage, despite the trying circumstances,” Route Mobile Managing Director and Group CEO Rajdip Gupta said.

He added that the pandemic has accelerated Communications Platform as a Service (CPaaS) adoption amongst enterprises.

Citing Gartner estimates, he said by 2023, 90 per cent of global enterprises will leverage API enabled CPaaS offerings to enhance their digital competitiveness, up from 20% in 2020.

“We are optimally positioned to be at the forefront and drive this transformation,” he added. (With PTI inputs)

News Source:- livemint

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