VAS Firm OnMobile Global's Q2 Net Doubles To Rs 47.2 Cr YoY With 'Other Income' Boost
Bangalore-based VAS company OnMobile Global Ltd saw consolidated net profit for the quarter ended September 30, more than double to Rs 47.2 crore compared to Rs 22.8 crore in the year ago period, largely boosted by over fourfold jump in 'other income' even as revenue growth lagged behind increase in expenses that shrunk its operating margins for the quarter.
Sequential earnings also rocketed almost four times compared to Rs 12.78 crore in the quarter ended June 30, 2011. Revenues rose 14 per cent sequentially.
OnMobile, that offers various mobile products on SMS, Voice, Video, WAP, Web, USSD and On-Device Portals, saw revenue growth of 18 per cent year-on-year to Rs 155.2 crore during Q2 FY12.
On the Bombay Stock Exchange, shares of OnMobile Global Ltd closed at Rs 57.3 up 0.44 per cent in a flat Mumbai market on Wednesday.
The results include numbers of its subsidiaries and erstwhile associates such as On Mobile Singapore Pte Limited, PT On Mobile Indonesia, On Mobile Europe BV, VoxMobili SA, VoxMobili Inc., On Mobile SA (erstwhile Telisma SA), Phonetize Solutions Private Limited, On Mobile USA LLC, Servicios De Telefonia On Mobile SA DE CV, Ver se Innovation Private Limited (subsidiary upto September 29, 2009 and associate till February 7,2011), On Mobile Global SA (incorporated on April 10, 2010), On Mobile Brasil Sistemas de Valor Agregado Para Comunicacoes Moveis Ltda (incorporated on April 19, 2010), On Mobile DE Venezuela C.A (incorporated on November4, 2010), OnMobile Global for Telecommunication Services (incorporated on December 12,2010) and OnMobile Bangladesh Private Limited (incorporated on June 21,2011).
OnMobile has said that it has further diluted its equity holding in Ver se Innovation Private Limited for a consideration of Rs 50 crore on September 16, 2011.