MobiKwik clocks huge 1,000 pc loss in net profit at Rs 55 cr in Q3, revenue slips 7 pc

Mumbai, Feb 4 (IANS) One MobiKwik Systems Limited on Tuesday reported a huge 1,000 per cent consolidated net loss at Rs 55 crore in the December quarter (Q3 FY25), as compared to the net profit of Rs 5 crore from the same period last year (Q3 FY24).

The revenue from operations also declined by 7 per cent quarter-on-quarter from Rs 291 crore in the July-September period, according to its exchange filing.

The company’s total income in Q3 FY25 stood at Rs 274 crore with a 6.48 per cent decline from Rs 293 crore in Q2 FY25.

Meanwhile, total expenses surged by 10.84 per cent in Q3FY25 at Rs 317 crore compared to Rs 286 crore in Q2 FY25.

This increase in expenses contributed to a decline in profitability, with profit before tax dropping by 47.66 per cent to Rs 33.22 crore from Rs 63.47 crore in the previous quarter.

In a statement, MobiKwik, which was listed on the stock exchanges in December, revealed that it had entered into a waiver agreement with one of its lending partners.

Under this agreement, the company agreed to forego income of Rs 24.21 crore related to financial services for the quarter ending June 30, 2024.

This amount was adjusted against revenue from financial services during the September quarter, as stated in its filing.

The company reported an EBITDA loss of Rs 43 crore with a significant decline from the positive Rs 10.8 crore recorded during the same period last year and Rs 6.8 crore in the previous quarter (Q2 FY25).

The gross merchandise value (GMV) for the payments segment saw an increase compared to last year at Rs 29,445 crore. However, when compared to the previous quarter, the growth was more modest with a 4 per cent rise.

The company saw an increase in its user base with adding 5 million new users during the quarter, bringing the total to 172 million.

Additionally, the company expanded its merchant network, with 1.1 lakh new merchants joining, raising the overall merchant base to 4.5 million. Post the Q3 earnings announcement, the shares were trading in the red with a 1.56 per cent decline at Rs 400.

–IANS

pk/na