OnMobile Global Ltd Management Discussions

MARKET OVERVIEW

The global mobile gaming industry stands at an inflection point, experiencing unprecedented growth fueled by innovation, connectivity, and evolving consumer preferences. With smartphones in the hands of over four billion users worldwide and growing 5G coverage, mobile gaming has evolved into a universally accessible, high-quality entertainment experience. It is the largest segment in the global gaming industry, valued at USD 118 billion in 2024 and projected to reach USD 164 billion by 2030. Mobile gaming accounts for 55% of total gaming revenue, with active users growing at 9% annually in 2024.

This transformation is fueled by advances in smartphone capabilities, affordability, and the rise of hyper-casual games, esports, and cloud gaming, removing barriers to entry and making gaming accessible to a broader audience. In 2024, global users spent an average of 20 to 30 minutes daily on mobile games, across age and genres. Engagement spans demographics, with strong traction among youth, women, and older users alike. Monetisation is rising, with global ARPU at USD 7.6, supported by in-game purchases and subscriptions. Infrastructure shifts, including 5G rollout and cloud adoption, are further strengthening mobile gaming as a fast, social, and always-on experience.

Alongside gaming, the global Ringback Tones (RBT) market, valued at USD 5 billion in 2023, is projected to reach USD 6.67 billion by 2030, growing at a CAGR of 4.2%. It remains a relevant digital segment, primarily in emerging markets, driven by continued demand for mobile personalization and strong integration with telecom platforms. Similarly, the mobile VAS market, with a CAGR of 8.8% is seeing increasing traction for contests, trivia and short-form videos in mobile-first markets.

Opportunities

The mobile gaming industry is entering a phase of extraordinary opportunity, driven by evolving customer preferences, rapid technological innovation, and the increasing socialisation of digital entertainment. From pixel-based classics like Snake to viral hits like Candy Crush, and now to real-time multiplayer, immersive racing, shooting, and VR titles, mobile gaming has rapidly evolved in quality and depth. It is no longer just a pastime but a core part of digital lifestyles. This transformation creates a strong foundation for us to lead.

With a legacy of innovation and deep expertise in telco monetisation, we are uniquely positioned to bridge the gap between immersive gaming and telecom-driven business models, expanding our global presence and relevance.

We have a proven track record of defining what digital engagement looks like. Our innovation DNA is proven, as we were the first to launch RBT in emerging markets, introduce voice-enabled IVR, and develop micro-billing tailored to telco users. Our foundation in mobile-first innovation has naturally positioned us to lead in the mobile gaming space as we captured the first wave of gamers with lightweight, casual HTML5 games through Challenges Arena, then evolved into social and cloud-based formats with ONMO, and now offer The Gaming Platform (TGP), an interactive store of games and digital entertainment which thrives on providing instant access to best digital content to telco users enhanced via core-loop-driven ecosystem built for scale.

We have access to over 2 billion subscribers across 125 operator partnerships, giving us unmatched reach. With deep expertise in user behaviour across languages, devices, and content types, our products are optimised for high-frequency use.

Our strength lies in understanding what drives sustained user interaction. We design for daily use and repeat engagement enabled by mechanics such as core loops, tournaments, personalised recommendations and rewards. Our deep understanding of mobile user behaviour is reflected in the way we design for engagement. Our platforms support multi-language interfaces that cater to diverse regional audiences and offer a wide range of content formats, including casual, skill-based, cloud-based, and esports titles. The user experience is optimised for low-spec, low-data environments with immersive, low-friction design. Seamless onboarding is enabled through integrated billing and frictionless subscription flows. We drive high-volume outreach through targeted multichannel campaigns, with tailored user segments focused on youth, first-time gamers, and mid-core players, ensuring both scale and relevance in user acquisition and retention.

This layeredunderstandingallowsustoservedifferent user cohorts while maximizing LTV and reducing churn, making our platforms valuable assets for operators targeting digital growth.

The rapid ascent of esports, with over 540 million active players globally, has further transformed gaming into a participatory and spectator-driven phenomenon, drawing interest from a wider range of demographics. We are well-positioned to capitalise on this momentum by developing competitive, socially immersive mobile gaming experiences, catering to the demand for seamless multiplayer experiences. In parallel, we are in advanced discussions with telecom operators to include our gaming and entertainment services within bundled packages, offering consumers greater value and simplifying service management. Additionally, licensing partnerships with leading operators for its gaming platforms are being explored, which will open further channels for market expansion and brand reinforcement.

In addition to mobile gaming, we continue to build on the strength of our legacy products. Tones remains a high-volume, low-churn service, live across 31 operators with renewed relevance through personalisation, telco bundling and deep platform integration across markets. Were developing a lightweight, multi-tenant, cloud-native RBT platform to meet growing demand from small and mid-sized telecom operators, with a focus on cost efficiency and faster service delivery. This next-generation approach reduces capital expenditures (capex) and operating expenditures (opex), accelerates deployment timelines and ensures easy management across multiple geographies or operator groups. Our Contests, Videos & Editorials are enabling telcos to extend session time through interactive formats, daily participation, and reward-based engagement. Infotainment and full-stack MVAS aggregator platform addresses key telco needs for a centralised, secure, and scalable solution to drive user engagement and revenue.

With a mobile-first philosophy deeply embedded in our

DNA, we are investing heavily in proprietary platforms, edge computing, AI-driven personalisation, and socially connected features, actively shaping the industrys future. As infrastructure improves, the rollout of 5G, availability of low-cost smartphones, and rising digital literacy, the rise of mobile gaming and entertainment is becoming increasingly universal. Strategic expansion into areas such as digital entertainment, streaming services, enhanced mobile calling, communication platforms as a service, and interactive content ecosystem will allow us to diversify our meet the growing appetite for integrated digital offerings, experiences, and solidify our position as a leader in mobile-first engagement. We are uniquely positioned to capture this growth, thanks to decades of product-market fit across telcos, proven scale and engagement expertise and platforms that combine entertainment and monetisation.

From being pioneers in mobile entertainment to becoming enablers of the next gaming wave, we are poised to lead.

Threats

The mobile gaming and entertainment industry brings with it a set of formidable external challenges that we must anticipate and navigate to sustain our leadership position. Telecom operators are realigning their strategic focus toward infrastructure expansion, 5G and 6G rollout, enterprise solutions and digital finance. As a result, value-added services could often be deprioritised, which could result in limiting our inclusion in premium bundles that drive user acquisition and retention, reducing both platform visibility and monetisation potential. Operators are also investing in first-party digital ecosystems, which further narrows promotional bandwidth for third-party offerings like ours.

Meanwhile, user attention continues to shift toward short-form video, OTT content, and social platforms that offer continuous, personalised engagement. In this crowded landscape, sustaining relevance requires us to deliver lightweight, immersive and differentiated gaming experiences at scale. At the same time, user expectations for free or low-cost access to high-quality content create ongoing pressure on monetisation models.

Competitive pressure from global gaming giants and emerging digital-first players is accelerating. The bar for multiplayer, socially connected, and device-agnostic experiences continues to rise. Delivering such experiences, especially in bandwidth-constrained or low-spec environments, demands sustained technical investment and agility.

In the value-added services and enterprise communication segments, service continuity remains unpredictable. Telcos can terminate services based on various factors, such as internal reviews or leadership changes, irrespective of performance.

There is also the added pressure of tightening global regulatory scrutiny around data usage, billing transparency, and user consent. Compliance across jurisdictions is complex and resource-intensive, with non-compliance posing risks of penalties, service blocks, or erosion of consumer trust. These external forces underscore the need for constant innovation, operational resilience, and closer integration with evolving telco priorities to protect and grow our position in the market.

Risks and Concerns

As a telco-first business, we remain dependent on user interface positioning, promotional bandwidth, and short-term marketing decisions. Any shift in these factors can directly affect user acquisition, engagement and monetisation. Meanwhile, telcos increasing investment in in-house communication platforms could gradually reduce the role of external communication partners unless we continue to evolve our value proposition.

With acquisition costs rising and attention spans shrinking, it is essential to invest in personalised, immersive experiences that drive engagement and reduce churn. This includes not only attracting new users but also deepening loyalty among existing ones. Monetisation remains a delicate balance: while in-game purchases and subscriptions are vital revenue streams, overly aggressive tactics risk user alienation, while conservative approaches can limit growth and margins. Transparency, fairness, and user-centric design must remain central to all monetisation efforts

Meanwhile, rising demand for talent in gaming, AI, and telecom integration presents delivery risks, as capability gaps could delay product rollouts or weaken platform competitiveness.

Tightening regulations around data privacy, consent, and billing transparency add further operational demands. Maintaining compliance across multiple jurisdictions requires disciplined governance, adaptable systems, and market-specific oversight. Macroeconomic variables such as currency fluctuations, inflation, and geopolitical uncertainty increase operational complexity, particularly in multi-market deployments. These can collections, and cost structures in unpredictable ways. In conclusion, through focused investment in platforms, diversification of partner models, regulatory preparedness, and sustained innovation, we are well-positioned to respond with agility and build lasting resilience.

Product-Wise Performance

The Gaming Platform

Building on ONMOs momentum and learnings, we launched

The Gaming Platform (TGP), a flexible, telco-branded ecosystem that combines casual and cloud gaming, esports, video content, rewards, and lifestyle services into a single, integrated destination. With over 70% of operators now investing in bundled digital services to boost customer retention and ARPU (GSMA, FY25), TGP directly aligns with this evolving strategic focus.

FY25 also marked a significant industry shift, with mobile gaming contributing more than 55% of global gaming revenue and cloud gaming adoption accelerating across high-growth markets. These trends further validate our long-term vision.

As TGP evolves into a Telco-Led Interactive App Store, it positions operators at the centre of the digital lifestyle, driving sustained engagement through innovation, relevance, and scale.

Challenges Arena

With 6.61 million active users and its footprint across 78 telecom operators globally, we reinforced our leadership in telco gaming. Responding to evolving market dynamics and rising user expectations, we have initiated a comprehensive revamp of Challenges Arena to deliver a more seamless, engaging, and premium gaming experience.

Central to this transformation is the introduction of an immersive, premium UI that elevates both visual appeal and user interaction. In parallel, we have curated a high-quality game catalogue designed to increase user playtime and drive deeper engagement. Building on this foundation, we are optimising monetisation by blending ads more natively within the gameplay, ensuring they complement rather than disrupt the user experience. Collectively, these initiatives aim to convert increased engagement into sustained revenue growth, reinforcing a monetisation strategy focused on long-term value and user satisfaction.

ONMO

ONMO continued to build strong momentum in FY25, expanding its presence to 41 telecom operators and engaging over 4 million users globally. With its focus on immersive gameplay, instant access, and bite-sized challenges, ONMOpricing, has consistently delivered high engagement and stickiness, translating into measurable value for telco partners.

In a landscape where telcos are bundling digital services to drive retention and ARPU, ONMOs unique combination of casual and cloud gaming offers a compelling value-added proposition. Its cloud-based architecture enables instant, device-agnostic access with no downloads, while the curated catalogue of casual games appeals to a broad segment of users. This blend helps telcos differentiate their digital offerings unlocking new revenue streams.

Tones

We continued to lead in Ringback Tones (RBT) innovation, driven by integration of Generative AI and the growing demand for personalised user experiences. A successful pilot with a major telecom operator in Egypt marked our first AI-augmented tones service for a limited base, paving the way for intelligent content personalisation.

To improve adoption, we introduced innovative go-to-market (GTM) strategies, bundling RBT offerings with telecom tariff plans in India, with similar models under evaluation in other regions. We are also developing a lightweight, multi-tenant RBT platform to meet the growing needs of small and mid-sized telecom operators. We strengthened our LATAM presence with a launch in a major telco in Mexico and delivered a key tech milestone: the in-house development and deployment of an IMS Application Server, now powering RBT over VoLTE on the telcos network.

As we scale, we remain committed to enhancing the mobile calling experience through innovation and global reach.

Videos & Infotainment

As a well-planned move to boost subscription awareness and increase customer satisfaction, we enhanced user acquisition flows and streamlined product selection, while reducing marketing expenses and content costs.

Internalising key technological capabilities led to significant COGS savings and improved overall efficiency. These improvements have made the business more agile and cost-efficient, amid strategic recalibration by telcos in the digital content space.

Amid growing VAS complexity, our Master VAS Aggregator, a full-stack, cloud-ready solution, simplifies onboarding, centralises content and policy control, and integrates robust anti-fraud safeguards. Deployed with a leading Asian telco, it doubled revenue for high-performing services, reduced complaints, and improved uptime. As telcos seek faster rollouts, regulatory compliance, and operational efficiency, our scalable, rapid-to-market, and service-integrity-focused platform is poised to drive future growth across global VAS partnerships.

Buzzmo

The enterprise communication landscape is undergoing a significant transformation, fundamentally driven by the recognition that meaningful customer engagement is paramount to business success. This has catalysed an accelerated adoption of social messaging channels by enterprises eager to foster more direct and interactive relationships with their customer base. Observing this shift, telecom operators are strategically manoeuvring to play a more substantial role within this ecosystem. To achieve this, telcos are increasingly favouring a multi-vendor approach for their CPaaS and customer engagement platform strategies, enabling them to flexibly assemble best-in-class solutions rather than being locked into a single, monolithic system.

In direct alignment with these market trends, our product strategy has focused on both foundational strength and targeted innovation. We have successfully achieved full feature and channel parity across our core functionalities, establishing a robust and consistent platform. Building upon this foundation, we have implemented high-impact, region-specific features such as Voice Notes over digital channels and gamified customer acquisitions on Line Messenger. To power these new capabilities, we successfully completed a strategic integration with Gamize, enabling us to offer a robust suite of gamified acquisition and engagement use cases to our clients.

Gamize

Gamize, our low-code gamification platform, maintained steady momentum in FY25 with approximately 1.26 million daily engaged users and a 37.5% increase in revenue, reaching INR 2.1 million. Adoption continued to expand across industries to support use cases like customer retention, reward programs, and product promotions. With nearly 80% of enterprises prioritising customer engagement tools to improve retention and lifetime value in FY25 (Forrester, 2025), Gamize is well-positioned to meet this demand. Over 15.6 million rewards were claimed during the year, highlighting strong user participation. By offering no-code tools for easy integration into digital touchpoints, Gamize enables brands to build deeper connections and foster sustained loyalty at scale.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Internal control and risk management are necessary prerequisites of corporate governance. The Corporate

Governance Policy guides the conduct of affairs

Company and clearly delineates the roles, responsibilities and authorities at each level with an adequate system of internal controls. This ensures that all transactions are authorized, recorded and reported correctly, and assets are safeguarded and protected against loss from unauthorized use or disposition. Properly documented policies, guidelines and procedures laid down for this purpose stand widely communicated across the enterprise to provide the foundation for Internal Financial Controls with reference to the Companys operations and financial statements.

Such Financial Statements are prepared on the basis of

Significant Accounting Policies, in line with the applicable

Accounting Standards, that are reviewed by management and approved by the Audit Committee and the Board. The Company recognizes that any internal control framework, no matter how well designed, has inherent limitations and accordingly, regular audit and review processes ensure that such systems are reinforced on an ongoing basis.

The Company has a set of Standard Operating Procedures (SOPs) that have been established for individual processes.

In addition to this, the Company has identified and documented the risks and control for each process that has a relationship to the operations and financial reporting.

The Company uses SAP and other internally developed ERP systems as a business enabler and also to maintain its Books of Account. The SOPs in tandem with transactional controls built into the ERP systems, ensure appropriate segregation of duties, approval mechanisms and maintenance of supporting records. The Information Management Policy reinforces the control environment. The systems, SOPs and controls are reviewed by the management and audited by

Internal Auditors whose findings and recommendations are reviewed by the Audit Committee and tracked through to implementation. The Company has in place adequate internal financial controls with reference to the Financial

Statements. Such controls have been assessed during the year, taking into consideration the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by The Institute of Chartered Accountants of India. Based on the results of such assessment carried out by management, no reportable material weakness or significant deficiencies in the design or operation of internal financial controls were observed.

DISCUSSION ON CONSOLIDATED FINANCIAL PERFORMANCE FOR THE YEAR ENDED 2024-25

The consolidated financial statements relate to OnMobile Global Limited, referred to as "the Company", and its subsidiaries and associates together referred to as "the Group".

RESULT OF OPERATIONS

(In Rs. Million except EPS)

	FY 2024-25	% of total revenue	FY 2023-24	% of total revenue	Growth %
Results from operations
Mobile Entertainment Services	5730.24	99.09	5132.40	96	12%
Other Income	52.69	0.91	201.77	4	-74%
Total Income	5782.93		5334.17		8%
Content fees and royalty	2258.42	39.05	2345	44	-4%
Contest expenses	25.90	0.45	42.98	1	-40%
Cost of software licenses and others	814.52	14.08	137.54	3	492%
Employee benefits expenses	1184.29	20.47	1082.00	20	9%
Finance costs	60.86	1.05	45.61	1	33%
Depreciation and amortisation expenses	323.19	5.59	112.14	2	188%
Other expenses	1340.13	23.17	1303.61	24	3%
Total Expenses	6007.13	103.88	5068.88	95	19%
Profit before share of loss of associates, exceptional	-224.38	-3.89	265.29	5	-184%
items and tax
Share of loss of associates	-0.05	-0.001	0.09	0	-159%
Profit before exceptional items and tax	-224.43	-3.88	265.38	5	-184%
Exceptional items	-122.52	-2.11			-
Profit before tax	-346.95	-6.00	265.38	5	-231%
Provision for taxation	58.46	1.01	112.22	2	-48%
Profit for the year	-405.05	-7.01	153.16	3	-364%
Profit/(Loss) attributable to Shareholders of the	-405.41	-7.01	153.16	3	-363%
Company
Other Comprehensive Income (Net)	70.03	1.22	-183.00	-3	-138%
Total Comprehensive income (loss) attributable to the	-335.38	-5.80	-29.84	-1	1022%
Owners of the Company
EPS- Basic	-3.78		1.44		-363%
EPS -Diluted	-3.78		1.43		-364%

Revenue

Revenue is derived from Mobile Entertainment Services, including Ring Back tones, Mobile entertainment and other services. Revenue from Mobile Entertainment Services is recognized on providing the services in terms of revenue-sharing arrangements with the telecom operators. Revenue from Other Services including maintenance services are recognized proportionately over the period during which the services are rendered as per the terms of the contract.

The revenue for the FY 2024-25 was Rs 5730.24 Million as against Rs. 5,132.4 Million in FY 2023-24, with an increase of 12%. Domestic revenues registered a de-growth of 58%, whereas revenue outside India has grown by 20%.

The segmentation of revenue by geography is as follows:

	FY 2024-25	% of total Revenues	FY 2023-24	% of total Revenues	Growth %
India	1579.35	27.56	587.39	11	168
Outside India	4150.89	72.44	4545.01	89	-9
Total Revenue	5730.24	100	5132.40	100	12

Other Income

Other Income was Rs. 52.69 Million in the FY 2024-25 as compared to Rs. 201.77 Million in FY 2023-24. FY 2024-25 includes

Rs. 12.51 Million for interest earned on fixed deposits, profit from investments and dividend yield on mutual funds, and for

FY 2023-24, same value was Rs. 117.97 million. Other Income does not include net gain on foreign currency transactions and translations for FY 2024-25. For the previous year, loss on foreign currency transactions and translations is 6.99 Million.

The surplus funds of the Group continue to remain mainly invested in bank fixed deposits and debt funds in adherence to the Groups investment policy.

Cost of Sales and Services

Cost of Sales and Services consists of amount incurred towards content fee and contest expenses, cost of software licenses and other charges. Content fee is paid to content providers such as music label companies, royalty agencies, sports licensing authorities, games publishers, and other content licensors from whom the Company procures content. Cost of software licenses and other charges include the cost of software licenses and services used by the Company for providing services to the customers. During FY 2024-25, the cost of sales and services was Rs. 3098.84 Million as against Rs. 2,525.52 Million incurred in FY 2023-24.

(In Rs. Million)

	FY 2024-25	% of total revenue	FY 2023-24	% of total revenue	Growth %
Content fee	2258.42	39.05	2345.00	46	-4
Contest expenses, cost of software	840.42	14.53	180.52	4	366
licenses and others
Cost of Sales and Services	3098.84	53.58	2525.52	50	(3)

Employee Benefits Expense

Employee Benefits Expense comprise salaries paid to employees, contributions made to various employee welfare funds and expenses incurred towards welfare of the employees.

During the FY 2024-25, the Group incurred a cost of Rs. 1184.30 Million as against Rs. 1082.11 Million in FY 2023-24, thus representing an increase of 9% in employee benefits expense from the previous year.

The total employee strength of OnMobile Global Limited and its subsidiaries as on March 31, 2025, was 350.

Finance Charges

Finance Charges represent interest on finance Lease Liabilities. During FY 2024-25, the group adopted Ind AS 116

Accounting of Lease resulting in the above charge.

Depreciation and Amortization

The Group provided a sum of Rs. 323.19 Million and Rs. 112.14 Million towards Depreciation and Amortization for the FY 2024-25 and FY 2023-24, respectively, thus representing an increase of 188% over the previous year.

Depreciation and Amortization on assets are provided on a monthly basis using the straight-line method based on useful/ commercial lives of these assets as estimated by the Management, other than for market development and deployment rights, which is amortized over its useful/ commercial life in time proportion of its economic benefits, that are expected to accrue to the Company. The amortization method is reviewed at each year-end for any significant change in the expected pattern of the economic benefits. Expenditure incurred on research and development is not being capitalized.

Other Expenses

In the FY 2024-25, Other Expenses increased by 9% to Rs. 1340.13 Million as against Rs. 1303.61 Million incurred in FY 2023-24. The break-up of the expenses is as follows: (In Rs. Million)

	FY 2024-25	% of total revenue	FY 2023-24	% of total revenue	Growth %
Legal, professional & consultancy	203.03	4	227.50	4	(11)
charges (including Remuneration to
Auditors)
Marketing Expenses	911.94	16	859.05	17	6
Rent and other facilities cost	43.18	1	37.65	1	15
Travelling and Conveyance	38.65	1	38.96	1	(3)
Communication charges	22.78	0	26.64	1	(14)
Rates and taxes	13.13	0	7.11	0	84
Others	107.42	2	106.7	2	3
Total	1340.13	24	1303.61	25	3

Exceptional Items

Exceptional items in FY 2024-25 is (122.52) Million and Nil for FY 2023-24.

Share of loss from Associates

Share of Profit / (Loss) of Associates in FY 2024-25 is Rs.

(0.05) Million and Rs 0.09 Million for FY 2023-24. Share of loss from Associates refers to loss from Mobile voice connect.

Profit before Tax

The Profit/(Loss) before Tax of Rs. (346.95) Million in the current FY 2024-25, as compared to Rs. 265.38 Million during the previous year.

Provision for Taxation

The amount provided for taxation in the current FY 2024-25 is Rs. 58.46 Million as against Rs. 112.22 Million for FY 2023-24.

Other Comprehensive Income

Other Comprehensive income for the year 2024-25 includes a profit of Rs.76.40 Million on account of exchange differences in translating the financial statements of foreign operations and a loss of Rs. 8.99 Million due to re-measurements of defined benefit liabilities. Other

Comprehensive income /(loss) was Rs. 70.03 Million in FY 2024-2025 compared to Rs. (183.00) Million in FY 2023-24.

Total Comprehensive Income for the year

The Total Comprehensive Loss is Rs. (335.38) Million in the current FY 2024-25, compared to Rs. (29.84) Million during the previous FY 2023-24.

FINANCIAL CONDITION

Non-Current Assets

Property, Plant and Equipment, Capital Work-in-Progress and Intangible Assets

The Company did not incur any amount in Capex for FY2024-25.

Intangible Asset under Development

Intangible asset under Development refers to the capitalization of Research and Development costs for the new Game Streaming Platform, and Balance as on March 31, 2025 are 106.68 Million. Intangible asset under Development of Nil in FY2023-24.

Right to Use Assets

Right to use Assets refers to Financial Lease obligation accounted under Ind AS 116. Right to use Assets as on March 31, 2025 are Rs. 24.07 Million as compared to Rs. 30.50 Million as on March 31, 2024.

Non-current Financial Assets

Non-current Financial Assets include Investments, Loans and Other Financial Assets. Non-Current Financial Assets as on March 31, 2025 are Rs. 700.77 Million as compared to Rs. 727.65 Million as on March 31, 2024, representing a decrease of Rs. 26.88 Million. Increase in non-current investment value.

Other Non-Current Assets

Other Non-Current Assets as on March 31, 2025, are Rs. 2,220.57 Million as compared to Rs. 2,398.97 Million as on March 31, 2024, representing a decrease of Rs. 178.4 Million on account of Contract acquisition cost

Current Assets

Current Investments

Current Investments as on March 31, 2025, and March 31, 2024 was NIL.

Trade receivables

The Trade Receivables (net of Provision for Doubtful Trade Receivables) amount to Rs. 1908.14 Million as on March 31, 2025, as against Rs 1,397.44 Million as on March 31, 2024. zCash and cash equivalents as on March 31, 2025, is Rs. 399.57 Million as against a balance of Rs. 636.69 Million as on March 31, 2024.

Loans

Loans and advances outstanding as on March 31, 2025, is Rs. 43.90 Million as compared to Rs 9.02 Million outstanding as on March 31, 2024, thus representing an Increase of Rs.34.88 Million mainly on account of security deposits reclassified to non-current

Investment in Associates

Investment in Associates as on March 31, 2025, and as on March 31, 2024, is NIL.

Other financial assets

The Other financial assets as on March 31, 2025, is Rs.

63.04 Million as compared to Rs 34.85 Million as on March 31, 2024, representing an increase of Rs. 28.19 Million. The increase was mainly on account of security deposits.

Other current assets

Other current assets as on March 31, 2025, is Rs. 486.42 Million as compared to Rs. 643.41 Million outstanding as on March 31, 2024, representing a decrease of Rs. 156.98 Million.

Equity and Liabilities

Equity

Equity Share Capital

The Authorized Share Capital of the Group is Rs. 1,500 Million, comprising 149,500,000 equity shares of Rs.10/-each and 500,000 preference shares of Rs.10/- each. As at March 31, 2025, the Group has equity of 106,321,351 shares of Rs.10/- each as Issued, Subscribed and Paid-up Capital which was 106,214,287 shares at March 31, 2024.

Other Equity

A summary of the Other Equity is given below:

(Rs. Millions)

	March 31, 2025	March 31, 2024
Capital Redemption	176.48	176.48
Reserve
Securities premium	2450.01	2447.99
Stock Options	90.69	66.84
outstanding
General Reserve	133.84	133.84
Foreign Currency	(8.08)	(84.48)
Translation Reserve
Retained Earnings	2182.18	2548.33
Other items of Other	139.16	145.53
Comprehensive Income
Non Controlling Interest	11.75	-
Total	5176.03	5434.53

Foreign Currency Translation Reserve comprises the exchange difference relating to the translation of the financial results and net assets of the Companys foreign operations from their respective functional currencies to the Companys presentation currency.

The surplus retained in the Statement of Profit and Loss as at March 31, 2025, is Rs. 2182.20 Million.

The total Net Worth of the Group as at March 31, 2025, is Rs. 6239.24 Million, with the book value of each share being Rs. 58.68 (Face value of Rs. 10/- each). The corresponding numbers for the previous FY are Rs. 6,496.67 Million and Rs. 61.17 respectively.

Liabilities

Non-Current Liabilities Lease liabilities

The Lease liabilities outstanding as on March 31, 2025, are Rs. 5.58 Million as compared to Rs. 16.20 Million as on March 31, 2024. This represents Long term maturities of Finance Lease obligation as per Ind AS Accounting of Leases. The reduction is on account of Depreciation charge off during the year.

Other Financial liabilities

The Long-term liabilities outstanding as on March 31, 2025, and as on March 31, 2024, are NIL.

Long-term provisions
The Long-term Provisions outstanding as on March 31,
2025, are Rs. 104.87 Million as compared to Rs 109.77
Million as on March 31, 2024, thus representing a decrease
of Rs.4.90 Million. The decrease is primarily on account of
the provision for compensated absence.
Deferred Tax Liability
Deferred Tax Assets and Liabilities are recognized for the
future tax consequences of temporary differences between
carrying values of the assets and liabilities and their
respective tax bases and are measured using enacted tax
rates applicable on the Balance Sheet date. Deferred Tax
Assets are recognized subject to management\u2019s judgment
that realization is virtually certain. The Deferred Tax Liability
(net) represents the deferred tax liability of the Group and
as on March 31, 2025, is Rs. 8 .89 Million as compared to
Rs.9.20 Million as on March 31, 2024.
Current Liabilities
The Current Liabilities outstanding as on March 31, 2025
are Rs. 2345.24 Million as compared to Rs. 2222.96 Million
as on March 31, 2024, thus representing an increase of
Rs. 122.28 Million.
Ratios

	As at	As at
	March 31, 2025	March 31, 2024
Debtor Turnover (times)	1.77	1.18
Inventory Turnover	NA	NA
Interest Coverage Ratio	NA	NA
Trade payables turnover	1.34	0.36
ratio (times)
Current Ratio	2.33	2.11
Debt Equity Ratio	0.04	0.02
Operating Profit Margin	8.95	2.91
(%)
Net Profit Margin (%)	3.53	1.74
Return on Capital	1.83	0.85
employed (%)
Return on Net worth (%)	1.19	0.41

Debtors turnover ratio as on March 31, 2025, is 1.77 vs 1.18 as on March 31, 2024. Current ratio, as on March 31, 2025, is 2.33 vs 2.11 as of March 31, 2024. Operating profit margin

% in the current year March 2025, is at 8.95 % as compared to 2.91% in the last year.Net profit margin % in the current year March 2025, is at 3.53 % as compared to 1.74% in the last year. Net profit has decreased from Rs 153.16 Million to

Rs. (405.41) Million on a consolidated basis mainly due to an increase in cost of software licenses and others expense from 137.54 Mn in FY24 to 814.52 Mn in FY25. Return on Net worth % in the current year March 2025, is at 1.19% as compared to 0.41 % in the last year.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES

Talent Acquisition

The year 2024-25 has seen significant shifts in hiring patterns due to global economic uncertainties, including geopolitical tensions and inflation. Companies have become more cautious, leading to a mix of hiring freezes and strategic recruitment. The rapid advancement of technologies like AI and automation has reshaped job roles, increasing the demand for tech-savvy professionals. In line with these trends, OnMobile experienced an attrition rate of 33% but continued hiring for critical roles and tech freshers. The company onboarded around 26 resources across India, South Africa, and Mexico, achieving a 96% acceptance ratio and a 19% increase from the previous year. This success was driven by the trust earned through referrals and constant candidate engagement.

OnMobile primarily filled positions through referrals and internal conversions, which contributed to 69% of the recruitment source. Additionally, 7 offers released for on-campus hiring in FY 2023-24 resulted in a 100% joining ratio. Looking ahead, OnMobile plans to focus on leveraging the referral system and cost-effective job portals as primary recruitment sources, while offering competitive compensation and benefits to attract top talent.

Talent Management & Employee Engagement

In addition to delivering interventions in line with our business needs, we aimed to make our learning efforts more customised and employee-led in FY 2024-25 by encouraging people to take up certifications and courses suited to their individual roles and aspirations in consultation with their managers. We opened the opportunity to pursue certifications on topics such as Masters in AI, AI in Content Management, KAFKA Training and Conflict Management.

Along with the previously mentioned trainings there were trainings conducted on Secure Software Development Lifecycle, IPR Training and training on Data Protection Laws.

Access to learning platform like Coursera has supported employees in upskilling.

A quick summary of the interventions for this year is given below ?€“

Type of Intervention	Trainings	Target Audience	No. of employees covered	Total person- hours	Total person days*
Behavioural/ Leadership/	Conflict Management	All employees (Spain,	9	8	9
Managerial ILTs		France, and LATAM)
Technical/Functional ILTs	UX/UI Design	Marketing Manager	1	36	4.5
		(Europe & Americas)
	AI in Content	Employees (Spain,	2	75	9.3
	Management	France, and LATAM)
	Master AI advanced	Director Sales (Europe &	1	76	9.2
		Americas)
	Coursera License	Program Management	1	10.4	1.3
		(Spain and LATAM)
	KAFKA Training	Technology Team	24	24	72
		employees
	Data Protection Laws	Legal Team Employees	3	8	1
	Secure Software	Technology	146	1.5	27.37
	Development Lifecycle
	IPR Training	Across Org	239	1	29.8
Total			426	240	33.3

*One - person day = 8 hrs of training

As seen from the table above, we have covered nearly 426 employees (non-unique) through different interventions. These interventions were global, across geographies.

Apart from the aforementioned interventions, our induction program was revamped with inputs from previous year H2 joiners and quarterly induction programs were conducted as part of onboarding new hires to give an overview of different Business Units, policies and systems at OnMobile. We conducted three batches of induction in FY 2024-25 all new joiners. R&R continued in the form of monthly recognition as Above & Beyond Awards and quarterly excellence Awards for recognizing accomplishments and contributions as Rockstar and Dynamos.

During FY 2024?€“25, we conducted diverse employee engagement activities to foster a positive and inclusive work culture. A parenting session by expert Mrs. Anju Arora on "Navigating Parenthood" supported working parents. The high-energy

Shuttle Smash badminton tournament promoted fitness and team spirit. We celebrated International Womens Day with empowering activities, and Ethnic Day showcased our cultural diversity. A fun-filled Treasure Hunt encouraged collaboration, while Christmas celebrations brought festive cheer with games. These initiatives contributed to employee well-being, team bonding, and a vibrant workplace environment, aligned with our commitment to engagement, inclusivity, and holistic employee experience.

CAUTIONARY STATEMENT

Statements in the Management Discussion and Analysis describing the industrys projections and estimates (which are based on reliable third-party sources) as well as Companys objectives, estimates, projections and expectations may be

" forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could influence the Companys operations include economic developments within the country, demand and supply conditions in the industry, changes in Government regulations, tax laws and other factors such as litigation and labour relations.