One MobiKwik Systems Ltd. has reported lukewarm financial results for the half-year ended September 2024, with both total income and net profit showing a decline on a sequential basis. The stock gave up gains after rising 7% during the morning trade.
For the six months to Sept, 30, 2024, the fintech company reported a total income of Rs 290.65 crore, which marks a 15% drop from Rs 342.27 crore in the previous half on a consolidated basis. Alongside this decline, the company reported a net loss of Rs 3.59 crore, a stark contrast to the profit of Rs 6.62 crore posted in the previous period on a consolidated basis.
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The drop in income and the swing to a loss comes despite the company's recent efforts to strengthen its position in the fintech space following its listing on the stock exchange in December 2024.
The digital payments provider listed on exchanges on Dec. 18, 2024. The stock closed at Rs 528 apiece, nearly 90% higher than its issue price of Rs 279, marking a strong reception from the market.
Before the earnings announcement, One MobiKwik Systems saw a surge in its share price, gaining over 7% on Tuesday, reflecting investor optimism ahead of its first quarterly earnings report since listing.
The scrip rose as much as 7.09% to Rs 600.90 apiece. It pared gains to trade 0.68% higher at Rs 564.90 apiece, as of 12:28 p.m. This compares to a 0.49% advance in the NSE Nifty 50 Index. The share price has risen 6.99% since listing last month. Relative strength index was at 55.
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