MobiKwik delivers a second straight PAT positive quarter; plans to bet big on AI

NEW DELHI: IPO-bound MobiKwik has delivered a second straight PAT (profit after tax) positive quarter. The fintech firm posted net profits of Rs 5 crore in the July-September quarter. Revenues increased by 52% year-on-year to Rs 208 crore in Q2FY24, the company said. “For us, the journey of profitability is just starting. We expect that in the long-term, in the next few quarters, our profit margins will keep increasing significantly as a percentage of our revenue. And we will keep growing the business in this way, the focus being on digital banking,” co-founder and CEO Bipin Preet Singh told TOI. MobiKwik had reported profits of Rs 3 crore in Q1FY24.

For the April-September period, the Gurgaon based firm posted revenues of Rs 385 crore, registering a year-on-year growth of 58%. For H1FY24, net profits stood at Rs 8 crore.