Rajesh Kunnath, the Chief Financial Officer of OnMobile Global*, is resigning from the company, OnMobile has informed BSE. The company said that Kunnath will be stepping down on March 28, 2014 to pursue another opportunity and OnMobile is immediately starting a search for a new CFO.
Kunnath had joined OnMobile in May 2012 after the erstwhile CFO Amit Rastogi had quit the company, just three months from his appointment. Prior to this, he had served as the CFO of Times Internet for about three years.
Earlier this month, OnMobile Global’s largest shareholder OnMobile Systems Inc had made an open offer for 10.03% of the company’s shares for a total consideration of Rs 47.6 crore (around $7.6M), offering existing shareholders an opportunity to exit at Rs 40 per share for maximum of 11,900,000 shares.
The company had 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 31, 2013. 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.
The domestic revenues were impacted by TRAI’s double confirmation guidelines but still increased by 3.2% quarter on quarter, although it declined by 17.1% year on year. The international revenues increased by 34.4% to Rs 152.1 crore, and contributed 74% of OnMobile’s net revenue.
*Disclosure: OnMobile is an advertiser with MediaNama