One Mobikwik Systems swung into red in the December quarter with a loss of Rs 55 crore for the third quarter ended on December 31, 2024. The bank had earned a net profit of Rs 5.2 crore in the October-December quarter of the previous year.
The company's revenue from operations increased 18 percent to Rs 269 crore in the third quarter of the current fiscal from Rs 229 crore in the year-ago period, One Mobikwik Systems Ltd said in a regulatory filing on February 4.
The company reported an earnings before interest, taxes, depreciation and amortization (EBITDA) loss of Rs 48 crore against Rs 8 crore in the same period last fiscal.
The company's total income grew to Rs 274 crore as against Rs 231 crore in the same quarter of FY24. Correspondingly, the company expenses rose to Rs 317 crore from Rs 221 crore at the end of December 2023.
"Total Income growth driven by strong growth in the Payments business, while muted Contribution margins due to lower Financial Services Revenue and higher lending related costs due to transition to new DLG contracts where a larger portion of the costs are incurred in the initial period," the company said in a statement.
Shares of the company dropped 0.81 percent to Rs 403.45 per share on the NSE around 2 PM.
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