OnMobile Global Limited announced its financial results for the third quarter of the fiscal year 2024, ending December 31, 2023. The report indicates a quarter-over-quarter decrease in revenue, attributed to reconciliation adjustments, but showcases significant year-over-year growth in its mobile gaming division and operational efficiencies.
- Q3 FY24 revenue decreased by 10.3% quarter-over-quarter due to reconciliation adjustments.
- International revenue constituted 92% of total revenue in Q3 FY24.
- Operational expenses decreased by 8.6% to INR 114 Mn during the quarter.
- The mobile gaming sector saw 14 operators go live in Q3 FY24, with a total of 89 going live in 9M FY24.
- Mobile gaming gross subscribers reached 33.22 Mn, with net active subscribers at 5.34 Mn by Q3 FY24.
- The gross profit margin for 9M FY24 was 53.2%, compared to 52.3% year-over-year.
- EBITDA for 9M FY24 stood at INR 248 Mn, marking a 2.3x increase year-over-year, with operating profit increasing over 5x.
- Profit after tax (PAT) for 9M FY24 was INR 160 Mn, with a margin of 4.1%.
- Mobile gaming revenue grew by 38.8% year-over-year to INR 604 Mn during 9M FY24.
Sanjay Baweja, MD & Global CEO of OnMobile, remarked on the quarter’s outcomes, highlighting the challenges due to delayed launches and one-off billings in the previous quarter. Despite these hurdles, the company’s gaming business saw a significant year-over-year growth of 38.8% during 9M FY24.
Radhika Venugopal, VP Finance, commented on the financial performance, noting the decrease in top-line revenue but emphasizing the substantial growth in EBITDA and operating profit on a year-over-year basis. She also pointed out the steady increase in the number of active subscribers for their gaming business, which is expected to bolster revenue and profitability in the forthcoming quarters.
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