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One Mobikwik Q4 Review: Dolat Capital Maintains 'Buy', Cuts Target Price On Slow Recovery In Fin. Services

Dolat Capital maintains ‘Buy’ rating with revised target price of Rs 500 on One Mobikwik.

<div class="paragraphs"><p>One Mobikwik Systems Ltd.'s reported revenue of Rs 2,618 million, a decline of 0.6% QoQ (estimate:+9%), due to steeper-than-expected rampdown in BNPL disbursals.</p><p>&nbsp;(Image source: Envato)</p></div>
One Mobikwik Systems Ltd.'s reported revenue of Rs 2,618 million, a decline of 0.6% QoQ (estimate:+9%), due to steeper-than-expected rampdown in BNPL disbursals.

 (Image source: Envato)

One Mobikwik's financial Services revenue declined 23%/64.6% QoQ/YoY due to continued scale down in small ticket BNPL (ZIP) biz., and BNPL’s gross merchandise value declined 50% QoQ. However, lender comfort is relatively better in longer tenure ZIP EMI, where GMV posted a robust 32.5% QoQ growth.
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