Route Mobile Q4 Profit Declines by 9% to Rs. 95 Crore

Route Mobile reported an 8.5% decline in Q4 FY24 net profit due to flat revenue growth. However, annual profit and revenue increased by 17% and 12.8%, respectively. The board approved financial assistance of up to Rs 100 crore from ICICI Bank to support its UK subsidiary.

Enterprise communication firm Route Mobile on Monday posted 8.5 per cent decline in consolidated net profit at Rs 95.16 crore for the fourth quarter ended March 31, 2024.

The company had clocked a net profit of Rs 104.05 crore in the same period a year ago, according to a BSE filing.

Revenue from operations remained almost flat at Rs 1,017.03 crore as compared to Rs 1,008.66 crore in March 2023 quarter.

In FY24, net profit increased about 17 per cent to Rs 388.84 crore from Rs 333.11 crore a year ago.

Annual revenue increased to Rs 4,023.29 crore in FY24 from Rs 3,569.23 crore a year ago.

The company's board has approved availing financial assistance by way of SBLC (standby letter of credit) not exceeding Rs 100 crore from ICICI Bank against the security of fixed deposit of amount not exceeding Rs 105 crore.

SBLC shall be issued to enable ICICI Bank IBU Gift City for extending bank guarantee facility to Route Mobile (UK) Ltd, the company said.

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