Route Mobile Q3 Results Review

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Route Cellular Ltd. continued to ship robust income development with revenues of Rs 9,857 million (up 16.5% QoQ, up 75.2% YoY), considerably larger than our/consensus estimates. Income per transaction elevated to Rs 0.365/transaction in Q3 FY23 (Q2 FY23: 0.313).

Adjusted Ebitda margins have been 13.0% which have been barely higher than estimated. Nevertheless, Route Cellular’s administration warned of lower-than-expected working money stream era in Q3 and This autumn – and is unlikely to succeed in the 50-75% Ebitda-to-operating money stream era vary for FY23 guided beforehand.

We largely preserve our income/profitability estimates for FY24E/25E.

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