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We believe Route Mobile Ltd. is likely to exceed its FY23 revenue guidance of 60% YoY growth given 93% YoY growth in H1 FY23, Q3 being seasonally strong for the company and Q4 being seasonally strong for the Latin America-based Masivian acquisition.
Management expects 150 basis points expansion in margins in FY23 versus Q4 FY22. As employee stock ownership plan costs were front-loaded, reducing ESOP costs will support margins in H2 FY23.
Route has consistently won large scalable marquee deals. For example, it secured a preferential partnership deal with Telenor group for five countries – Finland, Malaysia, Thailand, Pakistan and Myanmar in Q2 FY23.
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