Zaggle Prepaid Ocean Services' Remarkable Surge: Doubling Profits and Expanding Horizons

Zaggle Prepaid Ocean Services reported a consolidated net profit of Rs 19.15 crore in Q4 FY24, more than doubling from Rs 7.56 crore a year ago. Operating revenue rose 46%, driven by higher interest income post-IPO. For FY24, profit jumped 92% and revenue grew by 40.13%.

SaaS fintech platform Zaggle Prepaid Ocean Services on Thursday said its consolidated net profit more than doubled to Rs 19.15 crore in the March 2024 quarter.

The company had reported a net profit of Rs 7.56 crore in the year-ago period, according to a regulatory filing.

During the quarter under review, the company's operating revenue rose 46 per cent to Rs 273.37 crore against Rs 186.85 crore in the January-March period of FY23.

The company, in a statement, said that the increase in other income stems from higher interest income on increased cash/bank balances post-IPO, which came out in September 2023.

For the full 2023-24 fiscal, Zaggle said it has recorded the ''highest-ever annual performance in terms of revenue and profitability metrics''.

The company's profit jumped 92 per cent to Rs 44.02 crore during the fiscal compared to Rs 22.90 crore a year ago.

Zaggle expanded its customer base during the year by more than 600 new corporates, including Wipro and Bennett Coleman, and onboarded bank partners like SBI and Axis Bank, the statement said.

Its revenue grew 40.13 per cent to Rs 775.59 crore in FY24.

The company is set to double revenue over the next two years through organic growth, its founder and executive chairman Raj P Narayanam said.

''Our expectation of revenue growth for this fiscal year is to the tune of 45-55 per cent. We are focused on garnering more market share and making significant investments in technology, specifically building deeper AI capabilities to cater to the massive demand for spend management solutions.

''We intend to pursue inorganic growth opportunities through mergers and acquisitions. Additionally, we plan to expand geographically into the US markets as part of our growth strategy,'' he said.

Shares of the company settled at Rs 313.95 apiece on the BSE, up 1 per cent from the previous close.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)