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ICICI Securities Report
We recently interacted with Route Mobile Ltd.'s senior management for an update on key business developments.
Route is confident of exceeding its FY23 revenue guidance and delivering ~60% YoY growth (versus guidance of 50% YoY stated in Q1 FY23 earnings call) led by:
strong volume growth driven by recent deal wins and ramp-up across multiple enterprise clients,
increase in international long distance prices (with effect from Q2 FY23),
possibility of increase in national long-distance prices, and
strong seasonality of acquired business (Masivian, based in Latin America) in overseas markets.
Management mentioned that aggressive pricing offered by a telco for a large public sector undertaking banking client in Q1 FY23 was a ‘one-off' event. Moreover, subsequent request for proposals have seen rational pricing.
Management acknowledged that competitive intensity has increased from large telcos though Route is able to maintain its margins as well as gain market share, especially from global competitors with leveraged balance sheet.
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