MobiKwik Reports Loss of Rs 3.6 Cr In Q2 On Higher Investment

Digital wallet provider MobiKwik, listed last month, on Tuesday reported a loss of Rs 3.59 crore during the second quarter ended September 2024 as against Rs 6 crore standalone profit recorded in the same quarter a year ago. This is the first quarterly announcement after One MobiKwik Systems Ltd got listed on the bourses at a huge premium of 57.7 per cent per share compared to its allotment price.

During the reporting quarter, total income of the company increased to Rs 294 crore as against Rs 207 crore at the end of September 2023, One MobiKwik Systems Ltd said in a regulatory filing. Total expenses also rose to Rs 287 crore at the end of second quarter of the current fiscal as against Rs 196 crore in the same quarter of the previous fiscal.

Driven by improvements in the contribution margin coupled with optimised costs, the company recorded EBITDA (earnings before interest, tax, depreciation and amortization) for the quarter at Rs 7 crore, it said in a statement. The company reported a net loss of Rs 3.59 crore in Q2FY25 on account of continued investments in the business for the next growth phase, it said. "The company continues to work on balancing growth and profitability, by increasing market share and launching innovative products," Upasana Taku, executive director, One MobiKwik Systems Ltd, said.

(PTI)