OnMobile Global Limited Reports Strong Financial Results for Fourth Quarter and Full Year FY23

OnMobile Global Limited, the leading player in mobile gaming and entertainment globally, announced its financial results for the third quarter ended December 31, 2023 of fiscal year 2024 today.

Key Highlights:

  • Quarterly revenue stands at INR 1,222 million, declining 10.3% over previous quarter due to reconciliation adjustments with customers in the last quarter
  • 92% of total revenue in Q3 FY24 came from international markets
  • Operating expenses reduced by 8.6% to INR 114 million during the quarter
  • 14 new operator launches for mobile gaming business in Q3 FY24, totaling 89 launches in 9M FY24
  • Gross mobile gaming subscribers reach 33.22 million at the end of Q3 FY24, with 5.34 million net active subscribers
  • Gross profit margin improves to 53.2% in 9M FY24 versus 52.3% last year
  • Nine-month EBITDA grows 2.3x to INR 248 million compared to INR 107 million in 9M FY23
  • Nine-month operating profit rises over 5x year-on-year
  • Net profit stands at INR 160 million in 9M FY24, with profit margin at 4.1%
  • Mobile gaming revenue increases 38.8% year-on-year to INR 604 million in 9M FY24

MD & Global CEO Comments on Q3 Performance

Commenting on the third quarter results, Mr. Sanjay Baweja, Managing Director and Global CEO of OnMobile, said:

“This quarter’s topline and profitability were impacted by delayed launches and one-off billings done with some customers in the previous quarter. However, our gaming business continued its growth trajectory, increasing 38.8% year-on-year during the first nine months of FY24.”

VP Finance Highlights Improved Profitability

Ms. Radhika Venugopal, Vice President of Finance at OnMobile, further added:

“Despite the decline in top-line revenue, EBITDA and operating profit have grown 2.3x and over 5x respectively on a year-on-year basis for the nine months ended December 2022. We are witnessing steady expansion in active subscribers for our gaming business, which will support stronger revenue and profitability growth in upcoming quarters.”

Mobile Gaming Business Shows Strong Momentum

  • OnMobile’s mobile gaming business continues to demonstrate strong growth momentum, with nine-month gaming revenue rising 38.8% year-on-year to INR 604 million in FY24 so far.
  • 14 new operators launched OnMobile gaming services in Q3 FY24, taking the total operator launches to 89 in the first nine months of this fiscal year.
  • Mobile gaming gross subscribers reached 33.22 million by the end of December 2022 quarter, with 5.34 million net active subscribers engaged on the platform.
  • The expanding subscriber base and operator launches highlight the robust adoption of OnMobile’s gaming solutions among global telecom carriers. This establishes a solid foundation for future growth.

Profitability Improves on Operating Leverage

  • OnMobile has achieved improved profitability in the year so far, as operating expenses reduce and operating leverage plays out with rising gaming revenues.
  • Gross profit margin expanded to 53.2% in the first nine months of FY24, compared to 52.3% in the same period last year.
  • Careful spend management helped reduce operating costs by 8.6% sequentially in Q3 FY24. For the nine months, operating expenses declined 4.8% year-on-year.
  • As a result, nine-month EBITDA has grown 2.3x year-on-year to INR 248 million, while operating profit has risen over 5 times versus last year.

One-Off Adjustments Impact Quarterly Performance

  • OnMobile’s financial performance in Q3 FY24 was impacted by some one-off adjustments during the quarter.
  • Revenue declined 10.3% quarter-on-quarter to INR 1.22 billion, due to reconciliation adjustments with some customers related to billings done in the previous quarter.
  • The company expects these adjustments to normalize in upcoming quarters, allowing revenue growth to resume.
  • On an underlying basis, OnMobile’s operating metrics related to subscribers, launches and gaming uptake remain robust.


OnMobile expects to sustain strong growth in its mobile gaming business in upcoming quarters, as it continues expanding its subscriber base and launching with new operator partners globally.

Rising adoption of mobile gaming solutions by telecom carriers will support OnMobile’s growth and improve profitability through operating leverage. The company remains focused on prudent cost management.

With a leading position in mobile entertainment and growing gaming revenues, OnMobile is well placed to deliver steady growth and higher profitability in the coming years.

Jayaditya Chakrabarty

Editor at iGadgetsworld contributes to many blogs, an engineering graduate. Mostly interested in custom ROMs, apps and everything related to Android, though he has a good experience and knowledge about other platforms...

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