Route Mobile informed that it has received a GST demand notice amounting to Rs 5.34 crore from the Office of Assistant Commissioner of State Tax Maharashtra.
According to the exchange filing, the order pertains to availing of GST Input on expenses incurred on IPO/QIP. The Commissionerate has imposed a penalty of Rs 5,34,40,307, which includes GST of Rs 3,22,93,468, interest of Rs 1,79,17,498 and a penalty of Rs 32,29,341 for the financial years 2019-20, 2020-21, 2021-22, and 2022-23.The company said that it shall file necessary appeal with the authorities within stipulated time of three months and the company does not expect any material impact of the same on financial, operations or other activities of the company.
Route Mobile ("RML") is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO). RML's portfolio comprises solutions in messaging, voice, email, SMS filtering, analytics and monetization. RML has a diverse enterprise client base across a broad range of industries including social media companies, banks and financial institutions, e-commerce entities and travel aggregators. RML is headquartered in Mumbai, India with a global presence in the Asia Pacific, the Middle East, Africa, Europe and North America.
The company's consolidated net profit fell 15.1% to Rs 78.52 crore in Q1 FY25 as against Rs 92.44 crore posted in Q1 FY24. However revenue from operations jumped 14.1% YoY to Rs 1,103.42 crore in Q1 FY25.
The scrip added 0.03% to Rs 1,578.20 on the BSE.
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