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ICICI Securities Report
Route Mobile Ltd.'s Q1 FY23 revenue stood at Rs 7,290 million, up 16.4% QoQ (our estimate: 16%) and 93.1% YoY despite Q1 being a typically weak quarter for the company.
As per company's segmentation, India business grew 24.9% QoQ while overseas business grew 29.5% QoQ. Ebitda margin expanded 260 basis points QoQ to 11.6% (our estimate: 10.4%).
Expansion in margin was aided by better gross margin (22.4% versus 21.1% in Q4 FY22) and reduction in employee expenses (5.3% of revenues versus 6.4% in Q4 FY22).
The expansion came in despite absorption of annual increments of employees largely due to Route Mobile capitalising employee costs to the tune of Rs 59 million during the quarter pertaining to research and development expenses of Masivian.
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