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OnMobile Reports Strong Financial Performance in Q1FY24, Revenue Grows 3.8% QoQ, EBITDA Grows 6x QoQ

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Written By: author image Ankit Chugh
author image Ankit Chugh
An optimist to the core, I always see the glass half full. I like to take life as it comes and not to become too serious on the harsher aspects of it. Apart from this, I am an Engineer, a Blogger & a Researcher. Join me on Twitter.

OnMobile Global Limited is a leading provider of mobile gaming and entertainment solutions. The company has a strong presence in India and other emerging markets, and its products and services are used by over 1 billion mobile subscribers worldwide. OnMobile’s business is divided into two main segments: Challenges Arena and ONMO B2B. In addition to its two main segments, OnMobile is also investing in new technologies, such as artificial intelligence and machine learning, to further improve its products and services.

OnMobile Global Limited (“OnMobile”), the global leader in mobile gaming & entertainment, today announced its financial results for the First quarter of FY24 ended June 30, 2023.

Highlights

  • Profitability improved significantly: PAT increased to INR 98 Mn with a margin of 7.2%, up from INR 45 Mn with a margin of 3.3% in Q4FY23. EBITDA at INR 123 Mn with a margin of 9.0%, up from INR 20 Mn with a margin of 1.5% in Q4FY23.
  • Revenue grew marginally: 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 continued to grow: Revenue increased by 2x on a YoY basis and grew 22x over the last 9 quarters. Challenges Arena had 73 cumulative customer confirmations and 54 customers live as on Q1FY24. Challenges Arena also had 21.34 Mn gross subscribers as on Q1FY24.
  • ONMO B2B business also grew: ONMO B2B had 25 Customers confirmed (10 live). Revenue grew 18% on QoQ basis.
  • Manpower cost decreased: In Q1FY24, Manpower cost decreased by 13.3% QoQ.

OnMobile is a leading provider of mobile gaming and entertainment solutions. The company has a strong presence in India and other emerging markets. OnMobile’s products and services are used by over 1 billion mobile subscribers worldwide.

The company’s Challenges Arena business is a leading provider of skill-based gaming solutions. The business has a growing customer base of over 73 operators and 54 live customers. Challenges Arena’s revenue grew by 2x on a YoY basis in Q1FY24.

OnMobile’s ONMO B2B business provides mobile messaging and customer engagement solutions to enterprises. The business has a growing customer base of over 25 customers, including 10 live customers. ONMO B2B’s revenue grew by 18% on a QoQ basis in Q1FY24.

OnMobile is well-positioned for growth in the coming quarters. The company has a strong portfolio of products and services, a growing customer base, and a focus on innovation. OnMobile is confident that it will continue to grow its business and deliver value to its shareholders.

author avatar
Ankit Chugh
An optimist to the core, I always see the glass half full. I like to take life as it comes and not to become too serious on the harsher aspects of it. Apart from this, I am an Engineer, a Blogger & a Researcher. Join me on Twitter.

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