Route Mobile jumped 4.63% to Rs 955 after the company's consolidated net profit surged 157.8% to Rs 32.87 crore on 77.7% increase in net sales to Rs 349.28 crore in Q2 FY21 over Q2 FY20.
Profit before tax in Q2 September 2020 stood at Rs 39.37 crore, up by 151.2% from Rs 15.67 crore in Q2 September 2019. Current tax expense in the second quarter jumped 120.7% to Rs 8.01 crore from Rs 3.63 crore in the same period last year.
Commenting on the results, Rajdiplrumar Gupta, managing director & group chief executive officer, Route Mobile, said: "Q2 FY21 has been another quarter of strong performance, backed by better operating leverage, despite the trying circumstances. The pandemic has accelerated CPaaS adoption amongst enterprises, and Route Mobile continues to enable our customers in their digital communication journey. As per Gartner estimates, by 2023, 90% 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."
Route Mobile is a cloud communications platform service provider, catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO).
Shares of Route Mobile were listed on the stock exchanges on 21 September 2020.The stock was listed at Rs 708, a premium of 102.29% to the initial public offer (IPO) price of Rs 350 a share.
The IPO of Route Mobile was subscribed 73.30 times. The issue opened for bidding on 9 September 2020 and closed on 11 September 2020. The price band for the IPO was set at Rs 345-350 per share.
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