OnMobile Reports First Quarter of Fiscal Year 2024 Results

OnMobile Global Limited (“OnMobile”) announced the financial results for the First quarter of FY24 ended June 30, 2023.

Highlights: 

• PAT increased to INR 98 Mn with a margin of 7.2%

• EBITDA at INR 123 Mn with a margin of 9.0% for the quarter

• Q1FY24 revenues at INR 1,396 Mn, marginally up by 3.8% QoQ. Gross profit stood at INR 771 Mn, a growth of 10.0% on YoY basis

• Challenges Arena: Revenue increased by 2x on a YoY basis and grew 22x over the last 9 quarters

• Challenges Arena: 73 cumulative customer confirmations and 54 customers live as on Q1FY24

• Challenges Arena: 21.34 Mn gross subscribers as on Q1FY24

• ONMO B2B: 25 Customers confirmed (10 live). Revenue grew 18% on QoQ basis

• In Q1FY24 Manpower cost decreased by 13.3% QoQ

Commenting on Q1FY24 results, Sanjay Baweja, MD & Global CEO, OnMobile, said, “The quarterly revenue performance has been better than last few quarters, and we are focused to scale it further, for rest of the year. The revenue uptick for ONMO has been encouraging, and it will continue to improve over the upcoming quarters. OnMobile continues to stay focused on profitability, targeting even better results in H2 FY24. We are determined to achieve the objective of creating cutting-edge mobile gaming solutions through our focused execution and continuous efforts to digitize our core B2B business.”

Asheesh Chatterjee, Global Group CFO, said, “Gross revenue saw a modest sequential growth of 3.8%, which is a good start for the FY24. We achieved a significant quarterly growth in EBITDA through cost optimization efforts. Further, our PAT stood at INR 98 Mn, which shows a healthy sign for the upcoming quarters.”