Synopsis
MobiKwik Systems Limited revealed a staggering 1,000% consolidated net loss of Rs 55 crore for Q3 FY25, contrasting with last year's profit of Rs 5 crore. Revenue dipped by 7% quarter-on-quarter, with total income at Rs 274 crore. The firm also reported increased expenses and a significant decline in EBITDA.Key Takeaways
- 1,000% net loss at Rs 55 crore in Q3 FY25
- Revenue decreased by 7% from previous quarter
- Total income fell to Rs 274 crore
- Expenses rose by 10.84% to Rs 317 crore
- Added 5 million users, reaching 172 million total
Mumbai, Feb 4 (NationPress) MobiKwik Systems Limited disclosed an alarming 1,000% consolidated net loss amounting to Rs 55 crore for the December quarter (Q3 FY25), in stark contrast to the net profit of Rs 5 crore recorded in the same quarter last year (Q3 FY24).
Furthermore, the revenue from operations witnessed a 7% drop quarter-on-quarter, falling from Rs 291 crore in the July-September timeframe, as per its exchange filing.
The total income for the company in Q3 FY25 was reported at Rs 274 crore, marking a 6.48% decline from Rs 293 crore in Q2 FY25.
In the same quarter, total expenses spiked by 10.84%, reaching Rs 317 crore, compared to Rs 286 crore in Q2 FY25. This rise in expenses led to a profitability dip, with profit before tax plummeting by 47.66% to Rs 33.22 crore from Rs 63.47 crore in the preceding quarter.
MobiKwik, which debuted on the stock exchanges in December, announced it had formed a waiver agreement with one of its lending partners.
According to this agreement, the firm consented to waive Rs 24.21 crore linked to financial services for the quarter ending June 30, 2024. This amount was offset against revenue from financial services in the September quarter, as indicated in its filing.
The company recorded an EBITDA loss of Rs 43 crore, a stark contrast to the positive Rs 10.8 crore from the same quarter last year and Rs 6.8 crore in the previous quarter (Q2 FY25).
The gross merchandise value (GMV) for the payments sector increased year-on-year to Rs 29,445 crore.
However, the growth compared to the last quarter was modest, with a 4% increase.
MobiKwik added 5 million new users during the quarter, boosting its total user base to 172 million.
Additionally, the company expanded its merchant network by welcoming 1.1 lakh new merchants, bringing the total merchant base to 4.5 million. Following the Q3 earnings report, shares saw a decline of 1.56%, trading at Rs 400.
