OnMobile Global Limited, the global leader in mobile gaming & entertainment, announced the financial results for the First quarter of FY25 ended June 30, 2024.
Highlights:
- Q1FY25 revenue at INR 1,260 Mn, up 0.7% QoQ
- Q1FY25 EBITDA at INR 9 Mn at 0.7%
- ONMO costs amounting to INR 56 Mn which was earlier being capitalized is now charged off to P&L.
- Q1FY25 onwards, we started amortizing ONMO gaming platform which amounts to INR 53Mn additional depreciation.
- Substantial reduction in Opex: Q1FY25 opex down by 15.9% as compared to Q4FY24. Manpower down by 9.5% QoQ excluding capitalization on a normalized basis.
- Mobile Gaming revenue increased by 22.9% QoQ to INR 253 Mn during Q1FY25
- 7.61 Mn active subscriber base in mobile gaming in Q1 FY25; increase of 13% QoQ.
- DSO is at 91 days compared to 94 days in Q4.
- Q1FY25 Closing Cash at INR 688 Mn vs INR 637 Mn in Q4 FY24
Commenting on Q1FY25 results, Mr. François-Charles Sirois, Executive Chairman & CEO, OnMobile said, “Mobile Gaming revenue has shown a solid growth this quarter. As we optimize our digital marketing across regions globally, we aim to continue this growth for multiple quarters. We also executed an important consolidation of the gaming teams, reducing costs significantly in line with our goal to bring gaming profitable by year end. We are now focusing on large strategic deals which will bring our business to the next level.”
Ms. Radhika Venugopal, Global CFO, OnMobile said, “Our revenue remained flat on a quarterly basis, while our Gaming Business continues to experience steady growth. Our cash balance increased this quarter due to improved collections. We anticipate further performance improvements throughout the remainder of FY25. We witnessed improved profitability this quarter considering ONMO Cost amounting to INR 56 Mn charged to P&L which was earlier being capitalized.”
Covered By: Mobility India / OnMobile
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