OnMobile Global Limited, known for mobile gaming & entertainment, today announced the financial results for the Third quarter of FY24 ended December 31, 2023.
Highlights:
- Q3FY24 revenue at INR 1,222 Mn, down 10.3% QoQ due to reconciliation adjustments with customers recognized last quarter
- Q3FY24 international revenue is 92% of total revenue
- During the quarter, opex cost reduced by 8.6% to INR 114 Mn
- Mobile gaming: 14 operators went live in Q3 FY24 and 89 went live during 9MFY24
- Mobile Gaming: 33.22 Mn gross subscribers as on Q3FY24 and Net active subscribers at 5.34 Mn
- 9MFY24 Gross profit margin stood at 53.2% vs 52.3% YoY
- 9MFY24 EBITDA at INR 248 Mn vs INR 107 Mn in 9MFY23, 2.3x YoY; Operating profit is over 5x YoY
- 9MFY24 PAT at INR 160 Mn, with a margin of 4.1%
Commenting on Q3FY24 results, Sanjay Baweja, MD & Global CEO, OnMobile, said, “This quarter’s topline & profitability got jolted by delayed launches and one-off billings done in the last quarter with some customers. Our gaming business, saw growth with an increase of 38.8% YoY during 9MFY24. “
Radhika Venugopal, VP Finance, said, “For 9MFY24, despite the decline in top-line, EBITDA and Operating profit saw a growth of 2.3x and over 5x on YoY basis respectively. We are witnessing a steady increase in the number of active subscribers for our Gaming Business, which will help us improve revenue & profitability in the coming quarters.”
OnMobile Global is headquartered in Bangalore, India, with its presence in over 65 countries across the globe. OnMobile is focused on building customer-first Mobile Gaming products while offering a wide array of digital products such as Videos, Tones, & Contests. Based on current deployments, OnMobile has over 70.5 Million monthly users globally.
