MobiKwik reports loss of ₹3.6 cr in Q2 on higher investment-OxBig News Network

MobiKwik logo. File
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Digital wallet provider MobiKwik, listed last month, on Tuesday (January 7, 2024) reported a loss of ₹3.59 crore during the second quarter that ended September 2024 as against ₹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 share compared to its allotment price.

During the reporting quarter, total income of the company increased to ₹294 crore as against ₹207 crore at the end of September 2023, One MobiKwik Systems Ltd. said in a regulatory filing.

Total expenses also rose to ₹287 crore at the end of second quarter of the current fiscal as against ₹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 ₹7 crore, it said in a statement.

The company reported a net loss of ₹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.