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Onmobile Q3-FY14: India VAS Revenues Up 3.2%; Profit Down Due To MG Payment In Europe

Onmobile Global* faced a challenging quarter, as it reported a net profit of Rs 3 crore on revenues of Rs 204.3 crore for the quarter ending December 31st 2013 (Q3-FY14). For the corresponding quarter last year, Onmobile had reported revenues of Rs 176.2 crore and profit of Rs 20.6 crore, while last quarter (Q2-FY13), it had reported revenues of 206.9 crore, and net profit of Rs 10 crore. Profit declined due to a one-time payment of Rs 14.4 crores as minimum guarantee, for a contract in Europe. Note that these do not include revenue figures for Livewire (now called Onmobile Live). EBITDA for the company decreased by 22.8% year on year and 6% quarter on quarter to Rs 33.8 crore. Content fee and royalty expenditure declined further for the company: on a consolidated basis, it was Rs 35.45 crore, down from Rs 37.68 crore last quarter, although it was substantially higher than the Rs 16.44 crore reported for Q3-FY12. India Last quarter, India revenues were impacted by the TRAI’s double confirmation guidelines, which had led to a 60% drop in VAS activations in the industry. Year to date, India revenues are down 23.2% to Rs 167.2 crore, from Rs 217.8 crore for the same 9 month period last year. However, in what is an encouraging sign, domestic revenues did not decline for the quarter: they increased by 3.2% quarter on quarter, even though they declined 17.1% year on year. This is as predicted: last quarter, the company had said that " We’ve seen stability…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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