Enterprise communication services firm Root Mobile on Monday reported a nearly 28 per cent rise in its consolidated net profit ₹42 crore in the second quarter ended September 30, 2021. The company had recorded a profit of ₹32.72 crore in the same quarter a year ago.
Root Mobile shares down 2% ₹2,218 per share on BSE in early deals on Tuesday. The stock has risen more than 101 percent this year (year-to-date), giving multibagger returns So far, while it is up about 210% over a period of one year.
Speaking on Root Mobile share price outlook, Mudit Goyal, Senior Research Analyst, SMC Global Securities said, “Root Mobile share charts look positive on the pattern. One can initiate buying momentum in this counter for short term targets. ₹maintain stop loss at 2430 ₹2200 per share level.”
Consolidated revenue from operations of Root Mobile up nearly 15 percent ₹435 crore during the reported quarter ₹377.5 crore in the same quarter of 2020-21.
The UK was the top contributor to the company’s total revenue, followed by India, Dubai, Nigeria and others. The company’s segment revenue from the UK was ₹291.8 crore, India contributed ₹106 cr, Dubai ₹637 million, Nigeria 29 million and others ₹10.5 crores.
Root Mobile recently got approval to raise shareholders ₹2,000 crore through the sale of securities. Majority of the shareholders also approved raising the limit for foreign portfolio investment in the company.
Established in 2004, Root Mobile Limited is a cloud communication platform service provider, which caters to enterprises, over-the-top (OTT) players and mobile network operators (MNOs). The company is headquartered in Mumbai, India, with a global presence in Asia Pacific, Middle East, Africa, Europe and North America.
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