Mumbai, 4 February (IANS). Fintech company One Mobikwik Systems Limited, which is a businessman named Mobikwik brand, suffered a loss of Rs 55.28 crore on a overall basis in the third quarter of FY 2024-25. He had a net profit of Rs 5.27 crore in the same quarter of the last financial year.
In the financial results released on Tuesday, the company stated that the revenue received from operations in the quarter ended December 31 rose by Rs 228.93 crore to Rs 269.47 crore on a year-on-year basis.
During this period, the total income of the company increased to Rs 274.46 crore from the comparison of Rs 231.38 crore. This indicates an 18.61 percent increase.
The main reason for the loss to the company is three times the cost of the payment gateway. A year ago this cost was Rs 50.83 crore, which increased to Rs 143.70 crore in the last quarter. The total expenditure of the company also increased to Rs 317.14 crore in October-December last year as compared to Rs 220.55 crore in a year ago.
Mobikwik, who is listed in stock exchanges in December last December, said in a statement that he had signed a discount agreement with one of his lender partners.
Under the agreement, the company agreed to give up income of Rs 24.21 crore related to financial services for the quarter ended 30 June 2024. This amount was adjusted against the revenue received from financial services during the September quarter.
The company recorded an EBITDA deficit of Rs 42.67 crore, while the figure was Rs 10.82 crore in the third quarter of the previous financial year.
GMV increased by 206 percent to Rs 29,445 crore for the payment section.
The company increased its user base with adding 50 million new users during the quarter. Now the total number of its users has increased to 17.2 crore.
Additionally, the company expanded its merchant network, which included 1.1 lakh new traders, leading to the total merchant base to 45 lakhs.
The company’s shares fell 0.78 percent to close at Rs 403.10 on Tuesday after the results were announced.
-IANS
Acade/