Wednesday, November 9, 2022

OnMobile Reports Robust Second Quarter For Fiscal Year 2023 Results

* Gross Revenue grew 2.2% for the H1FY23

* Challenges Arena: Growth momentum continued; Revenue increased by 634% YoY –

* 55 customer confirmations and 33 customers live as on 1st November’22

OnMobile Global Limited (“OnMobile”), the global leader in mobile entertainment, today announced the financial results for the Second Quarter and Half year of FY23 ended September 30, 2022.


·       Challenges Arena: Revenue increased by 634% on a YoY basis and grew close to 14x in the last six quarters

·       Challenges Arena: 55 cumulative customer confirmations and 33 customers live as on 1st November’22

·       Challenges Arena: 10.54 Mn gross subscribers as of 1st November’22

·       Challenges Arena: By 1st November 2022, the Net active base increased to 2.3 Mn from 1.66 Mn in Q1FY23

·       ONMO B2B: 18 Customers confirmed (4 live) as on 1st November 2022

·       Q2FY23 revenues at INR 1,367 Mn. Forex (Euro) impact on revenue INR 16 Mn QoQ and INR 61 Mn YoY. Gross profit stood at INR 683 Mn, a growth of 3.3% YoY. Q2FY23 revenue growth would be 4.5% YoY excluding Euro forex impact

·       H1FY23 revenues at INR 2,777 Mn, up by 2.2%.; Gross profit stood at INR 1,391 Mn, a growth of 6.0% YoY basis

·       In Q2FY23, Marketing cost grew by 4.5% QoQ and 100% YoY, primarily due to investments in new launches (CA) and Employee benefit costs include a one-time cost due to staff optimization of INR 30 Mn

·       DSO stood at 123 days in Q2FY23, improved by 11 days on a QoQ basis and 5 days on a YoY basis

Commenting on Q2FY23 results, Sanjay Baweja, CEO & MD, OnMobile, said, “While we have seen temporary impact on revenue and profitability due to some customer issues, we continue to invest in marketing which will increase our profitability in the medium to long run. Challenges Arena, our mobile quiz & gaming app launched in FY’22, continues to gain substantial traction. Our focused execution, along with our ongoing efforts to digitize our core B2B businesses, positions us well to realize our objective of developing cutting-edge mobile gaming solutions.”

Asheesh Chatterjee, Global Group CFO, said, “Revenue was flat on a YoY basis due to one-time Euro depreciation impact and higher marketing spend, but this cost will reduce going ahead. CA is going as per plan, and the cost will stabilize soon. ONMO had a good start and is poised for further growth in the upcoming quarters.”

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