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OnMobile posts Rs 124.3 Cr loss in Q4-FY14 due to Synchronoss settlement & Telisma writedown

OnMobile Global faced a challenging quarter, as it reported a net loss of Rs 124.3 crore for the quarter ended March 31, 2014, due to exceptional items totalling Rs 111.95 crore and a forex loss of Rs 16.1 crore following the depreciation of Argentinian Peso and Egyptian Pound. The exceptional items include a goodwill non-cash impairment charges of Rs 68 crore arising from the Telisma acquisition and an IP settlement worth Rs 35.4 crore with Synchronoss as part of the Voxmobili divestment. Remember that Synchronoss had earlier filed a lawsuit, alleging that Voxmobili and Onmobile USA LLC had infringed some of its patents. Without these exceptional items, the company would've reported a profit of Rs 3.75 crore, which is still lower than Rs 10.8 crore profit reported in the same quarter last year. The EBITDA also declined by 3.6% to Rs 33.7 crore for the quarter, from Rs 35 crore…

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