MobiKwik a fintech startup reports its first-ever consolidated profit of Rs 3 crore in Q1FY24

By siliconindia  |  Thursday, 10 August 2023, 12:36 IST

MobiKwik a fintech startup reports its first-ever consolidated profit of Rs 3 crore in Q1FY24
Fintech platform MobiKwik announced that it posted a consolidated profit for the first time at Rs 3 crore in the first quarter of financial year 2024 (Q1 FY24). The firm, however, for the second time in succession, reported a positive adjusted earnings before interest, taxes, depreciation, and amortisation at Rs 13.6 crore in Q1, FY24, a 181 percent year-on-year increase.
The company's revenue in Q1 FY24 grew 68 percent compared to the corresponding quarter in the last financial year. It generated Rs 177 crore in revenue in Q1 FY24, and its contribution margin rose by 108 per cent to Rs 73.9 crore. In the fourth quarter of the financial year 2022-2023, MobiKwik recorded Rs 160 crore in revenue. Moreover, it recorded an adjusted Ebitda of Rs 3 crore in the same period.
"In the financial year 2022-23, we achieved all the major goals we set for MobiKwik the previous year, and our vision for FY 2023-24 is to achieve profitability in all quarters. The first quarter has been a good start to the fiscal year. Our numbers are positive in all parameters, be it adjusted Ebitda, Ebitda or profit before tax (PBT). We expect to deliver 80 per cent or more top-line growth for this fiscal year," said Bipin Preet Singh, co-founder and chief executive officer at MobiKwik.
The company also said that they are geared for two-fold growth in the current fiscal year to an estimated Rs 1,100 crore revenue. "Our focus for this fiscal is twofold - to increase our presence in Tier-III, IV cities and towns, and to start offering financial products to our small merchants. We believe that a lot of India's digital growth is now coming from small cities, towns, and villages, and we want to tap into that potential," Singh added.

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