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2h ago

MobiKwik Q2 Loss Widens on Revenue Decline as One-Time Fraud Charge Hits Earnings

A flat cost base and contracting topline pushed EBITDA into the red despite record payments volume and a quarter-on-quarter rebound in lending margins.

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Overview

  • Consolidated net loss rose to Rs 28.62 crore from Rs 3.59 crore a year earlier, though it narrowed from Rs 41.9 crore in the June quarter.
  • Revenue from operations fell 7% year-on-year to Rs 270.21 crore, with total expenses essentially flat at Rs 285.70 crore.
  • EBITDA registered a loss of about Rs 6.4 crore versus a Rs 6.8 crore profit a year ago, improving significantly from a Rs 31.2 crore loss in the prior quarter.
  • MobiKwik booked an exceptional Rs 11.8 crore provision after uncovering a platform bug exploited for unauthorised settlements, reporting Rs 21.9 crore recovered and Rs 6.6 crore secured, with an FIR filed and an independent probe initiated.
  • Payments GMV hit a record Rs 43,217 crore (+53% YoY, +13% QoQ) as the company touted rapid UPI growth and wallet leadership, while ZIP EMI GMV reached Rs 807.1 crore (+16% QoQ) and lending expenses fell to 4.4% of GMV from 7.3%.