One MobiKwik Clarifies Typo In Q2 Business Update

Digital payments provider MobiKwik reported a 15.1% sequential decline in total income for the quarter ended Sept. 30, 2024, at Rs 294 crore compared to Rs 346 crore in the previous quarter on Tuesday.

However, the company's net loss narrowed to Rs 3.6 crore from Rs 6.6 crore in the preceding quarter on a consolidated basis.

MobiKwik clarified a typographical error in its submission of unaudited financial results for the quarter and half-year ended Sept. 30, 2024. The company rectified the error in the headers and notes of the consolidated profit and loss account, ensuring no changes to the substantive financial data.

The company, which debuted on stock exchanges on December 18, 2024, at a premium of 57.71%. The shares closed 8.69% higher at Rs 609.85 compared to a 0.39% advance in the NSE Nifty 50 on Tuesday.

MobiKwik reiterated its commitment to accurate and timely disclosures while expressing regret for any inconvenience caused by the oversight.

Shortly after listing, foreign institutional investors Peak XV Partners Investment Holdings III and Peak XV Partners Investment offloaded stakes worth Rs 82 crore in the company.

The fintech posted a profit of Rs 14.1 crore in the financial year 2024, as compared to a loss of Rs 83.8 crore in fiscal 2023. It posted a revenue from operations of Rs 875 crore in FY24 versus Rs 540 crore in fiscal 2023. The improved performance came with a better Ebitda profit of Rs 37.2 crore, compared to an Ebitda loss of Rs 55.9 crore.