ROUTE MOBILE LIMITED has informed the Exchange about Investor Presentation
.
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Ref No:
Date:
RML/2023-24/415
October 27, 2023
BSE Limited To, Scrip Code: 543228
Dear Sir/Madam, Sub: Investor Presentation
Registered & Corporate Office: Route Mobile Limited 4th Dimension,3"'floor, Mind Space, Malad (West), Mumbai - 400 064, India +91 22 4033 7676t77-99 I Fax: +91 22 4033 7650 info@routemobile.com I www.routemobile.com CIN No: L72900MH2004PLC146323
National Stock Exchange of India Limited NSE Symbol: ROUTE
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we are enclosing herewith the Investor Presentation, that will be presented today to the Analysts in connection with the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2023.
You are requested to take the above information on record.
Thanking you, For Route Mobile Limited Yours truly,
_________________________________________________________________________ Rathindra Das Group Head Legal, Company Secretary & Compliance Officer
M. No. F12663 Encl
: as above
routemobile
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Earnings Update Q2 & H1 FY23-24
Investor Presentation October 27, 2023
Safe Harbor
Certain statements mentioned in this presentation concerning our future growth prospects are forward looking statements
(the “Forward Statements”) and are based on reasonable expectations of the management, which involves a number of
risks, and uncertainties that could cause actual results to differ materially from those in such Forward Statements. The risks
and uncertainties relating to these Forward Statements include, but are not limited to, risks and uncertainties regarding
fluctuations in our earnings, fluctuations in foreign exchange rates, revenue and profits, our ability to generate and manage
growth, competition in CPaaS globally, wage increases in India, our ability to attract and retain highly skilled professionals,
time and cost overruns on fixed-price and fixed time frame contracts, industry segment concentration, our ability to
manage our international operations, our revenues being highly dependent on clients in the United States of America,
reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our
ability to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts,
withdrawal of fiscal governmental incentives, political instability, adverse impact of global pandemics (including COVID-19
impact), war, legal restrictions on raising capital or acquiring companies, unauthorized use of our intellectual property(ies)
and general economic conditions affecting our businesses and industry. We may, from time to time, make additional
written and oral Forward Statements . We do not undertake to update any Forward Statements that may be made from
time to time by us or on our behalf, unless required under the law.
2
Route Mobile - Industry Leading Global CPaaS Platform
RML offers a scalable and flexible Omnichannel CPaaS platform to enterprises across industry verticals, globally
280+ direct MNO connects, overall access to 900+ MNOs (Super Network)
routemobile
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Strong industry tailwinds: Global CPaaS market will grow to $42.9bn in 2027, from $16.6bn in 2022 (1)
₹39,763mn LTM ended 30 Sep 2023 Revenue 55% Revenue CAGR FY2020 - FY2023
Global footprint across 20+ locations; 2,500+ active billable clients
₹5,116mn LTM ended 30 Sep 2023 EBITDA 66% EBITDA CAGR FY2020 – FY2023
Infrastructure comprising 19 data centers and 6 SMSCs globally
ESG leader, rated “A” by a reputed ESG
rating agency
Major Provider in CPaaS Magic Quadrant 2023 – Gartner Key Vendor in four Hype Cycle Reports – Gartner Recognized as “Established Leader” – Juniper “Top Tier 1 A2P SMS vendor” – Rocco
(1) Juniper - CPaaS Future Market Outlook, 2023
115% Net revenue retention in H1 FY23-24
c.60.8bn Billable Transactions processed in H1 FY23-24
₹5,178mn Net cash and cash eqv. as on 30 Sep 2023 Board recommended ₹3 per share interim dividend
3
Systematic roadmap to create sustained growth momentum
Entered lucrative North American market
Won 2 Golds in Juniper Research Award for CPaaS Provider of the Year & Best SMS Firewall
Successfully listed on Indian Stock Exchanges
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Became hubbing partners with top telecom operators globally
Full messaging technology stack through TeleDNA acquisition
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Developed Next Gen services like RBM and OTT messaging
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Onboarded several blue chip customers including Global Fortune enterprises
Stage 1
Bootstrapped Profitable since first year of operations
Successful transition from an aggregator model to a direct enterprise model
On boarded marquee clients across industry verticals including new age tech, banking & financial services and travel and transport, amongst others
Boot strapped the company with c.US$2,000
Started as an aggregator of traffic to gain MNO access
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Hosted SMSCs in India and UK
Started operations in India to cater to the global market
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Expanded product portfolio and geographic presence through acquisitions
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Raised ₹8,675mn via QIP from marquee investors
Opened offices in Europe, Middle East, Africa and South-East Asia Ramped up sales team in global markets
Consummated acquisition of 365squared, Cellent Technologies, Start Corp India and Call2Connect :11 ·· ~ -~·---· 0 START ~ l l2 ~.!!!."ect q
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Stage 2
Stage 3
Transition to an Enterprise Business, Global Expansion with differentiated acquisitions
Omni-channel Stack Marquee Clients Blockbuster IPO Sep’20
Stage 4
Expanding Product Portfolio and Geographical footprint
*Transaction closure is contingent upon receipt of regulatory approvals and completion of Mandatory Tender Offer (MTO)
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Launched TruSense, a digital identity and security suite
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Proximus to acquire 57.56% of Route Mobile shares, for ~ ₹59bn cash at ₹1,626.4 per share *
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Buyback of ₹1,200mn completed
Successfully accomplished Global API Challenge – Hackathon
Global Diaspora - Footprint & Super Network
Europe
Direct MNO 110
Employees 43
,- - - - - - - - - -
Americas
Direct MNO 53
Employees 234
* • •
__________ _. _ _ _ = •
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Middle East
Direct MNO 15
Employees 30
Africa
Direct MNO 64
Employees 3
*
APAC
Direct MNO 36
Employees 9
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India
Direct MNO 6
Employees 487
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16 Firewalls deployed 1 contract won
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19 virtualized Data Centers
18 Hubs
•
800+ Employees
•
280+ Super Network Widespread global distribution & reach
Data as on September 30, 2023
5
Key Developments
Key Developments since Q1 FY 23-24
Signed an exclusive partnership with Vodafone Idea Ltd., to provide A2P SMS Monetization Solutions
Appointed as exclusive partner with an MNO in APAC region for International A2P SMS services
Enabled WhatsApp- based ticket booking system for Delhi Metro
Partnered with Robi Axiata Limited (“Robi”) in Bangladesh as a Technical enabler and Sales partner for RCS Business Messaging
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Awarded Best Governance in Mega Category at India Family Business Awards 2023
Hosted the first edition of our flagship event, Route Amplify aimed to create conversations around key themes like 'Customer Engagement and 'Digital Identity'
Featured as a Key Vendor in 4 Gartner Hype Cycle Reports 2023
Featured as a Major Provider in Gartner CPaaS Magic Quadrant 2023
7
Proximus transaction update – Indicative Timelines
• Proximus Group to acquire 57.56% of Route Mobile (fully diluted), through Proximus Opal, for ~ ₹59,224mn cash at ₹1,626.40 per share
• Proximus Opal will launch an MTO for up to 26% of the fully diluted outstanding shares at ₹1,626.40 per share
• Founding shareholders of Route Mobile to re-invest ~€299.6mn in Proximus Opal, for up to 14.5% of the shares.
• Rajdip Gupta (CEO of Route Mobile) will lead the CPaaS activities and Christophe Van de Weyer (CEO of Telesign) will lead the Group Digital Identity activities
Expect to receive all the required statutory approvals, complete the MTO process and close the underlying transaction in Q1 CY2024
July’23
Start/mid Q1 CY2024
Expected Deal Closing Around end Q1 CY2024
0
-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-· 0
·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-· 0
Regulatory approvals
Mandatory Tender Offer (MTO)
• The underlying transaction and MTO are subject to regulatory approvals:
• Committee for Foreign Investment in the United States (CFIUS), • Belgian Inter-Federal Service Commission (Belgian ISC), and • Merger-control related approvals in 9 countries, Kuwait, UAE, Saudi Arabia, Nigeria,
Morocco, Cyprus, Ireland, Albania and Colombia
•
•
Regulatory
The Draft Letter of Offer (DLoF) for the MTO was filed by the Acquirer (Proximus Opal) on 31 July 2023 and is currently under review with SEBI
The MTO process would begin post receipt of all requisite statutory approvals
• The process to obtain the regulatory approvals for the closure of the underlying transaction is
currently ongoing
Integration Preparation activities
Preparation activities
Integration Governance Proximus, Route Mobile & Telesign
High-level Operating Model defined ≥ $100mn synergies* confirmed
Detailed Design & value sizing completed for all synergy initiatives
Interim analysis captured in the next slide
Fully prepared with detailed, phased transition plan finalized and complete readiness to start implementation on “Day 1” after closing
* Estimated 3rd year exit annual run rate total EBITDA synergies
8
Value Sizing for Synergies – Interim analysis
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Increase combined revenue for CPaaS and DI through footprint expansion and cross-sell opportunities
OPEX savings from consolidation of CPaaS platform
Cross sell
CPaaS platform
OPEX synergies due to scale benefits and improving Group’s cost base
Scale benefits
Platform volume efficiencies – COGS for voice/messaging delivery
COGS
Leverage Telesign’s Digital Identity (DI) platform in EM(1)
Drive EOS(2) by consolidating cloud infra, software licenses & vendors across the group
Make inroads into untapped large global accounts through Telesign to service their requirements in EM
Create a state-of- the-art product innovation lab to focus on new product initiatives, auto- mation, AI / ML capabilities
Work towards a low cost operating model ✓ Shared service
center
✓ Leverage the capabilities of Call2Connect
Expand exclusive MNO connects & drive higher EOS
Estimated 3rd year exit annual run rate total EBITDA synergies
at least $100mn
(1) EM – Emerging Markets viz. Indian subcontinent, Middle East, Africa and LatAm (2) EOS – Economies of Scale
&
9
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These initiatives will help Route Mobile accelerate its journey towards a Billion Dollar revenue and achieve the 15% EBITDA margin target by 2027
Focus on Expanding Product Portfolio
Driving Product momentum through Dedicated SBUs
Conversational Bot
TruSense
New Products Revenue (in ₹ mn)
Channel Capability
Development Centre
Target Market
Use Cases
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Interactive ChatBot Solutions running in WhatsApp / RCS / Telegram / Viber – offering personalized live agent support
High Volume Enterprise Email solutions to support Transactional / Promotional use cases
Today
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• TruSense™
A Route Mobile Compdny
Comprehensive Digital Fraud / Mobile Identity / Short Code / 10 DLC / Toll Free Messaging
Bengaluru / Mumbai
India, Middle East, Bangladesh, Sri Lanka, Africa, LATAM
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Mumbai / Bengaluru / Jaipur Hi 8.30 PM ✓/ / Colombia
UK (HQ) / Colombia / Mumbai
India, Middle East, Bangladesh, Sri Lanka, Africa, LATAM
Deployed WhatsApp + Roubot to Enable WhatsApp-based ticket LATAM, India booking system for Delhi Metro
This is Delhi Metro Automatic • Patient interactions for a Reply Chatbot.
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• Seamless ticketing for 25+ Lakh
• Leading Digital Bank in
leading healthcare provider
You can buy DMRC and Airport Express Li ne Ticket here!
• Product marketing and
Please Choose your preferred lead management solution language. for a global automotive brand
..,_ English
• Civil information dispersal solution for Govt. bodies • End-to-end e-commerce @ ~ essage
chatbot for a global consumer brand
• Transaction and promotion commuters email solution for one of the largest NBFC in India • Customer engagement and notification email solution for leading airline in UAE
8:30 PM
• Transaction email solution for a leading corporate registry services provider
LATAM simplifies onboarding and minimises documentation
• Game-changer for commuters in the • Leading healthcare service National Capital Region (NCR) of India
provider in LATAM minimises account takeovers and secures their clients
358
385
589
Q2 22-23
Q1 23-24
Q2 23-24
• Frictionless OS
authentication solution for a global tech giant in India and LATAM
10
Financial Highlights
H1 FY23-24 Snapshot
Revenue (in ₹ mn) & Billable Transactions (# bn)
Gross Profit (In ₹ mn) & Gross Profit Margin (%)
EBITDA(1) (In ₹ mn) & EBITDA Margin (%)
60.8
22.4%
21.3%
12.6%
p- - -c&
12.4%
51.8
PAT (In ₹ mn) & PAT Margin (%)
9.1%
9.1%
15,749
19,820
3,520
4,221
H1 22-23
H1 23-24
H1 22-23
H1 23-24
1,954
2,505
H1 22-23
H1 23-24
1,437
1,800
H1 22-23
H2 23-34
25.8% Y-o-Y growth
19.9% Y-o-Y growth
28.2% Y-o-Y growth
25.3% Y-o-Y growth
1. EBITDA (Non GaaP) adjusted for net loss on FX transactions and translation , ESOP benefit expenses (non-cash) and Intangible assets under development
12
Financial Highlights for H1 23-24
• Closed H1 23-24 with revenue from operations of ₹19,820mn compared to ₹15,749mn in H1 22-23 • Y-o-Y growth of 25.8% in Revenue
• Recorded Gross Profit of ₹4,221mn in H1 23-24 compared to ₹3,520mn in H1 22-23 • Y-o-Y growth of 19.9% in Gross Profit • Gross Profit margin of 21.3% and 22.4% in H1 23-24 and H1 22-23 respectively
• EBITDA of ₹2,505mn in H1 23-24 compared to ₹1,954mn in H1 22-23 • Y-o-Y growth of 28.2% in EBITDA • EBITDA margin of 12.6% and 12.4% in H1 23-24 and H1 22-23 respectively • Adjusted for ESOP benefit expenses; Intangible assets under development of ₹59.9mn (in H1 FY 23-24)
and Net loss on FX transactions and translation
• Recorded Profit After Tax of ₹1,800mn in H1 23-24 compared to ₹1,437mn in H1 22-23 • Y-o-Y growth of 25.3% in Profit After Tax • PAT margin of 9.1% and 9.1% in H1 23-24 and H1 22-23 respectively
13
Q2 FY23-24 Snapshot
Revenue (in ₹ mn) & Billable Transactions (# bn)
Gross Profit (In ₹ mn) & Gross Profit Margin (%)
EBITDA(1) (In ₹ mn) & EBITDA Margin (%)
PAT (In ₹ mn) & PAT Margin (%)
29.5
31.3
22.3%
21.4%
21.2%
12.8%
12.5%
27.0
12.9%
9.5%
8.7%
---------~ -o-,________ J -0
0-
8.6%
8,458
9,673
10,146
1,888
2,071
2,150
Q2 22-23 Q1 23-24 Q2 23-24
Q2 22-23 Q1 23-24 Q2 23-24
1,094
1,237
1,268
726
917
884
Q2 22-23
Q1 23-24 Q2 23-24
Q2 22-23 Q1 23-24 Q2 23-24
20.0% Y-o-Y growth 4.9% Q-o-Q growth
13.9% Y-o-Y growth 3.8% Q-o-Q growth
15.9% Y-o-Y growth 2.5% Q-o-Q growth
21.6% Y-o-Y growth (3.6%) Q-o-Q growth
1. EBITDA (Non GaaP) adjusted for net loss on FX transactions and translation , ESOP benefit expenses (non-cash) and Intangible assets under development
14
Financial Highlights for Q2 FY23-24
• Closed Q2 FY23-24 with revenue from operations of ₹10,146mn compared to ₹9,673mn in Q1 FY23-24
and ₹8,458mn in Q2 FY22-23
• Y-o-Y growth of 20.0% and sequential growth of 4.9% in revenue
• Recorded Gross Profit of ₹2,150mn in Q2 FY23-24 compared to ₹2,071mn in Q1 FY23-24 and ₹1,888mn in Q2
FY22-23
• Y-o-Y growth of 13.9% and sequential growth of 3.8% in Gross Profit • Gross Profit margin of 21.2%, 21.4%, and 22.3% in Q2 FY23-24, Q1 FY23-24 and Q2 FY22-23 respectively
• EBITDA of ₹1,268mn in Q2 FY23-24 compared to ₹1,237mn in Q1 FY23-24 and ₹1,094mn in Q2 FY22-23 • Y-o-Y growth of 15.9% and sequential growth of 2.5% in EBITDA • EBITDA margin of 12.5%, 12.8% and 12.9% in Q2 FY23-24, Q1 FY23-24 and Q2 FY22-23 respectively • Adjusted for ESOP benefit expenses; Intangible assets under development of ₹30.6mn (in Q2 FY 23-24) and
Net loss on FX transactions and translation.
• Recorded Profit After Tax of ₹884mn in Q2 FY23-24 compared to ₹917mn in Q1 FY23-24 and ₹726mn in Q2
FY22-23
• Y-o-Y growth of 21.6% and sequential de-growth of 3.6% in Profit After Tax • PAT margin of 8.7%, 9.5%, and 8.6% in Q2 FY23-24, Q1 FY23-24 and Q2 FY22-23 respectively
15
Normalized Cash Flow
(₹ in million)
Profit before tax (Ind AS)
Adjustments for non-cash and non operating items
Adjustments for working capital
(Increase) in trade receivables
(Increase) in financial assets and other assets
Increase/(decrease) in trade payables, provisions and other liabilities
Direct taxes paid (net)
Net Cash generated from Operation Activities (Ind AS)
(+) Security deposit / Advance payment made to service providers (MNOs) by Route Mobile subsidiaries (related to exclusive Firewall deal, refer Auditors notes in the cash flow statement)
(+) GST Payment for prior period (FY19-20)
Normalized Cash Flow from Operation (Normalized CFO)
EBITDA (Non-GAAP)
Normalized CFO/EBITDA
H1 FY23-24 (6M ended 30 Sep 2023)
H2 FY22-23 (6M ended 31 Mar 2023)
H1 FY22-23 (6M ended 30 Sep 2022)
2,140.6
480.6
(1,987.4)
(2,807.8)
1,515.2
(382.7)
(1,041.5)
2,978.7
-
1,937.2
2,504.8
77%
2,234.9
377.6
(1,378.8)
(736.6)
264.7
(268.9)
493.0
1,173.9
161.0
1,827.9
2,611.8
70%
1,580.1
641.5
(616.3)
(830.7)
(469.7)
(65.4)
239.7
-
-
239.7
1,953.8
12%
16
ROE and Working Capital Trend
PAT, PAT Margin (%) and ROE(1)
Working Capital Trend
41%
39%
32%
8.5%
1,701
FY 21-22
-
PAT (₹ mn)
9.3%
9.3%
3,331
FY 22-23
3,694
LTM Sep 23
57
86
FY 21-22
62
62
FY 22-23
73
64
H1 23-24
PAT Margin (%)
ROE (%)
■
Days Sales Outstanding
■
Days Payable
(1) ROE calculated using average Equity (less net cash and cash equivalent)
17
Ageing Analysis
Trade Receivables Ageing
Trade Payables Ageing
1%
22%
58%
■
Not due
■
< 1 month
■
1 - 3 months
■
> 3 months
12%
65%
■
Not due
■
< 1 month
■
1 - 3 months
■
> 3 months
17%
12%
13%
Trade Receivables as on Sep 30, 2023: ₹8,963mn
Trade Payables as on Sep 30, 2023: ₹6,268mn
18
Key Business Metrics
Diverse Customer Base
Revenue contribution from select industries in H1 FY23-24
Digital native
Social/ Internet; Edtech and Technology companies Social/ Internet; Edtech and Technology companies
FinServ
Digital communication solutions for Banking, Insurance and Payment gateways
Tier 1 CPaaS partners
Top tier 1 CPaaS partners across the globe
Ecommerce
Increasing use of communication APIs to drive customer engagement
Retail, Travel & Hospitality
Increasing use of communication APIs to drive customer engagement
Telecom & allied Services
MNOs and telecom OEMs
Revenue for Top 50 countries by termination(1)
47%
16%
10%
7%
7%
6%
r
r
r
r
India
Asia excl. India
Europe
Middle East
Africa
Americas
Revenue by customer HQ (continent)(2)
45%
29%
14%
2%
r
Americas
Asia
Europe
Africa
23%
13%
11%
11%
2%
2%
(1) Top 50 countries contribute c. 94% of H1 FY23-24 revenue from operations I (2) Top 150 customers - contribute c. 90% of H1 FY23-24 revenue from operations
20
Growing number of Multi-million dollar accounts with Improving Client Diversification
Clients by Account Size
80 70 60 50 40 30 20 10 -
2
4
5
4
-
> $15mn
■
FY 20-21
■
FY 21-22
(1)
■
FY 22-23 H1 FY23-24 ■
(2)
68
60
21
24
7
-
9
> $5mn
41
31
> $1mn
7
10
5
3
-
-
> $10mn
Client Concentration
86%
59%
45%
80%
78%
77%
■
Top 1
■
Top 5
■
Top 10
■
Top 50
54%
43%
48%
38%
48%
37%
15%
15%
13%
12%
100%
80%
60%
40%
20%
0%
FY 20-21
FY 21-22
FY 22-23
H1 FY23-24
(1) Excludes MRM (one of the clients of RML) from this analysis post acquisition; (2) H1 FY23-24 Annualized
21
Strong Recurring Revenue
Recurring Revenue(1) as % of Operating Revenue
88%
87%
89%
115%
Net revenue retention(2)
Deep Customer engagement driving high recurring revenues
FY 21-22
FY 22-23
LTM Sep 23
(1) Recurring customers defined as customers that have been billed in each of the months over the respective period for FY21-22 & FY22-23; and customers billed each month over October 1 2022 – September 30, 2023 for LTM Sep 2023 (2) Net revenue retention calculated based on comparison of H1 FY22-23 revenue with H1 FY23-24 revenue.
22
EBITDA – Non GAAP
Particulars (In ₹ mn)
Quarter Ended
Half year
30.09.2023
30.06.2023
30.09.2022
30.09.2023
30.09.2022
Profit before tax (Ind AS)
1,038.3
1,102.3
822.7
2,140.6
1,580.1
(-) Other income
(+) Finance costs
EBIT
(+) Depreciation and amortisation expense
(+) Employee stock option expense (non cash)
(+) Net loss on foreign currency transactions and translation
(-) Intangible assets under development
36.8
65.5
108.2
67.1
22.6
40.9
145.0
170.5
132.6
82.6
1,067.0
1,061.3
841.0
2,128.2
1,492.2
214.4
(74.4)
91.4
30.6
211.3
34.7
(41.0)
29.3
188.4
425.7
384.1
85.7
14.9
36.3
(39.7)
157.7
50.4
59.9
14.9
95.1
EBITDA (Non-GAAP)
1,267.8
1,236.9
1,093.7
2,504.8
1,953.8
EBITDA margin % on a Non-GAAP basis
12.5%
12.8%
12.9%
12.6%
12.4%
Management uses the non-GAAP financial information, collectively, to evaluate its ongoing operations and for internal planning and forecasting purposes. Non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with Indian Accounting Standard (Ind AS), and may be different from similarly-titled non-GAAP measures used by other companies.
23
Human Resource Capital
Location wise break-up
Function wise break-up
319
806
487
■
India
■
International
98 New Employees joined in Q2 FY23-24
40 Employees left in Q2 FY23-24
21
64
77
26
324
806
294
■
■
■
■
Tech & Tech Support Sales & Marketing Firewall & other operator solutions General & Admin Strategy, Accounts & Finance Corporate-Business Heads
■
■
As on Sep 30 2023, Employee information excludes Call2Connect
24
routemobile
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