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Q2-09: OnMobile Content & Royalty Costs Up 55% To Rs. 11.67 Crores

Q2 Onmobile Global Snapshot

Q2 Onmobile Global SnapshotMobile VAS company OnMobile Global has reported a 55% increase in content costs for the quarter ending September 30th 2008.

In Q2 of the 2008-09 fiscal, OnMobile reported a payout of Rs. 11.67 crores in Content Fees and Royalties, up from Rs. 7.53 crores in Q1.

Remember that OnMobiles deals with content providers from the South Indian Music Companies Association (SIMCA) became operational in July 2008, and perhaps these payouts are reflected in the increase in content costs as indicated below:

OnMobile Content Costs

Financial Results
On a standalone basis (OnMobile Global, sans its subsidiaries), this quarter was much better for OnMobile – the company reported revenues of Rs. 79.35 crores, up from Rs. 64.56 crores the quarter before. One of our readers, “VAS Guy” had correctly pointed out in the comments earlier that OnMobile revenues had declined QoQ from Rs. 67 crores for the quarter ending March 2008. They are now back up. OnMobile has also reported an increase in EBITDA to Rs. 19.19 crores, up from Rs. 11.19 crores last quarter.

What’s not very welcome are the EBITDA margins – at 24.18%, they’re far lower than the EBITDA margins for mobile operators, which are typically around 40%. Still, for OnMobile Global, EBITDA margins improved this quarter 17.33% last quarter.

On a consolidated basis, OnMobile reported revenues of Rs. 97.46 crores, up from Rs. 77.85 crores last quarter. Net Profit was up 20.96%, at Rs. 18.35 crores. Note that employee costs are much higher at Rs. 30 crores at the consolidated level, compared to Rs. 17.61 crores at the standalone level. At the same time, of the Rs. 18.35 crores of consolidated profit, Rs. 17.38 crores is contributed by the standalone entity.

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Telisma Acquisition Completed
During the quarter, OnMobile completed the acquisition of voice recognition company Telisma, for Rs. 84.37 crores.

Netherlands Subsidiary
OnMobile Global also incorporated OnMobile Europe B.V., Netherlands, a wholly owned subsidiary with an investment of Rs.12.18 lakhs.

Q209: Standalone Results, Consolidated Results

Q109: Financials, Release, Annual Report for 2007-08 | Analysis/Report
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