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Onmobile posts a profit of Rs 4.1 crore in Q2FY17

OnMobile Global

OnMobile Global has posted a net profit of Rs 4.10 crore for the quarter ended September 30 (Q2FY17); they had reported a net profit of Rs 6.18 crore in the same quarter last year. The mobile VAS company was back to profitability last quarter after steadily narrowing losses in the preceding quarters.

Revenues in the company declined 0.8% to Rs 187.11 crore compared to Rs 188.61 crore the preceding quarter. OnMobile had reported revenues Rs 206.98 crore in the same quarter last year, a decline of 9.6%. The company mentions this is due to performance in Latin America and the termination of RBT (ringer callerback tone) in Vivo, Brazil. Cash reserves for the company decreased 5% to Rs 252 crore from Rs 265.2 crore in the preceding quarter.

EBITDA decreased 14.4% q-o-q to Rs 25.5 crore. Employee costs decreased 2.5% from the preceding quarter to Rs 52.8 crore for an overall reduction of 6.8% compared to the same quarter last year.

India business:

At 24% of total revenues, India business was Rs 45.5 crore, remaining stable q-o-q. Onmobile mentioned that its market share in India is at 70% after going live with Ringback tones in Airtel West and Reliance Communications last quarter.

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International business

International business was stable at 76% of total revenue during the quarter.

Europe: Revenues grew by 8.6% q-o-q due to RBT app which crossed 250k active users in Spain, a growth of 51% since April.

Latin America: Revenue down by 30.5% q-o-q. This was primarily due shutting down of non-core business such as Football in the region and the inability reach a long term arrangement with telecom operator Vivo, Brazil.

Other emerging markets: In Asia, revenue grew 4.3% q-o-q. In Middle East and Africa, revenue grew by 4.9% q-o-q. However, the company mentions this is primarily due to the devaluation of Nigerian currency, excluding which revenues grew by 11% q-o-q.

Other developments:

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In August, OnMobile entered into a deal with US-based carrier Sprint for their ringback tone service. It recently also launched ONMO, a B2C platform that offers a suite of mobile apps and services.

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