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Onmobile reports Rs 14.59 cr loss for Q4-FY15; International revenues down to Rs 162.64 cr

OnMobile Global

Onmobile Global reported total revenues of Rs 214 crore for the quarter ended March 31, a decline of 4.9% from Rs 225.1 crore from the same quarter last year and a drop of 5.6% from Rs 226.8 crore from the preceding quarter. Note the company has not mentioned its India revenues this quarter which had accounted for 23% of the Onmobile’s topline in the preceding quarter. International business accounted for 76% of the total revenues or Rs 162.64 crore. Assuming this, India revenues the represent 24% of the total revenues or Rs 51.36 crore.

On a consolidated basis, Onmobile reported a net loss of Rs 14.59 crore, as compared with loss of Rs 139.2 crore reported for the same quarter last year, and a profit of Rs 7.4 crore reported in Q3-FY15.

International Business

– International revenues, at Rs 162.64 crore, now account for 76% of Onmobile’s revenues. International revenues down by 7.5% q-o-q and grew by 13.6% y-o-y excluding Voxmobili business. Readers will note that OnMobile had sold Voxmobili to Synchronoss for $26 million in July last year, following an intellectual property violation case filed by Synchronoss, against Voxmobili, Onmobile Global and Onmobile USA LLC.

– Europe recorded a revenue growth of 52.9% y-o-y to Rs  73.4 crore. Europe for Onmobile is larger than India, as is evident.

– The company announced that it has launched a new Ringback Tone (RBT) application in Spain. The subscription-based application allows users to change the songs assigned to their contacts as often as they like.

Latin America
– Revenues went down by 9.0% for q-o-q and 8.9% for y-o-y to Rs. 44.5 crore.

– The company also launched RBT services at Oi, Brazil in January and it claims close to 50% market coverage in the country.

Rs 220.9 Cr in cash & cash equivalents

The company has Rs 225.2 crore in cash and cash equivalents, higher than the Rs 220.9 crore reported in the preceding quarter. Onmobile attributed the higher cash balance to cash proceeds from the sale of Voxmobili, improved collections and working capital.

Employee expenses decline: “Manpower cost reduced by Rs 3.2 crore q-o-q, representing the residual impact of cost rationalization undertaken in the earlier quarters and in Q4,” Onmobile said in a statement.

During the quarter ended September 30th 2014 (Q2-FY15), Onmobile had cut staff to 1217, from around 1600 at the end of Q1, company execs said on the Onmobile Global conference call, responding to a query from MediaNama. This indicated that around 383 employees had been laid off during the quarter.

Need to know

– As part of the ongoing alignment of business operations, Onmobile has transferred the business of its Columbia branch to OnMobile Global Limited Columbia S.A.S., a wholly owned Subsidiary.

– The company announced buy back of maximum 5,800,000 equity shares for an amount not exceeding Rs. 4,900 lakhs.

Download: Earnings release | Presentation | Financials


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