Mobikwik Q2 results: Firm posts loss of ₹3.5 crore vs profit YoY, revenue at ₹291 crore | Company Business News-OxBig News Network

MobiKwik, which recently went public, reported a net loss of ₹3.5 crore for the September 2024 quarter, a sharp contrast to the ₹5.2 crore profit recorded in the same period last year. In the previous quarter ending June 2024, the company had reported a loss of ₹6.6 crore.

Operational revenue for the second quarter surged by 43 per cent year-on-year, reaching ₹291 crore compared to ₹203 crore in the corresponding period of the previous financial year.

The second-quarter losses can be attributed to ongoing investments aimed at driving the next phase of business growth.

Thanks to improvements in the contribution margin and streamlined costs, the company achieved an EBITDA of ₹6.8 crore. The contribution margin surged by 56 per cent year-over-year to ₹118 crore, representing 40 per cent of total income for Q2FY25.

Users and market share

Additionally, the company demonstrated its strong position in digital payments, with payments GMV (gross merchandise value) skyrocketing by 267 per cent year-over-year.

At the end of the second quarter, the MobiKwik platform had a total of 167 million registered users, with 6 million new users added during the quarter. Additionally, the merchant base grew by 1.4 lakh in Q2FY25, reaching a total of 4.40 million merchants.

MobiKwik remains India’s largest digital wallet, holding a 23 per cent market share in the PPI wallet gross transaction value (GTV) as of November 2024.

In the payments segment, revenue surged by 181 per cent year-on-year to ₹189 crore, while the payments gross margin improved to 19.2 per cent, showing significant growth both quarter-on-quarter and year-on-year.

“We are thrilled to announce our first quarterly results post-listing, marking a significant milestone in MobiKwik’s journey. The strong growth in our payments business demonstrates our ability to scale while maintaining strong contribution margins. The Company continues to work on balancing growth and profitability, by increasing market share and launching innovative products,” said Upasana Taku, Executive Director, Co-founder & CFO, of One MobiKwik Systems Ltd.

Following a strong debut with a nearly 60 per cent premium, MobiKwik shares maintained their remarkable momentum on the exchanges, surging more than 100 per cent above their IPO price.