Telecom software provider OnMobile posted net profit of Rs 20.6 crore in the third quarter, a 16 per cent increase when compared to the same quarter last year.
This rise in profits was due to a combination of a stake sale and forex gains.
OnMobile sold an undisclosed amount of stake in Ver Se Innovation, a mobile classifieds company that OnMobile incubated in 2007.
The company did not specify the percentage of stake but said that it gained revenues of Rs 3.8 crore in the quarter.
Consolidated revenues during the quarter were at Rs 176 crore, up 4.3 per cent when compared to the same period last year. However, on a quarterly basis, OnMobile’s revenues declined 2 per cent to Rs 176.2 crore from Rs 179.8 in the second quarter.
The company reported that revenues from international operations increased by 38.9 per cent in the third quarter. Further, African business also saw growth a 94 per cent growth over last year.