Zaggle Stock Zooms Over 3% On Q4 Earnings; Stock Almost Doubles Since IPO Listing
For the full fiscal year 2023-24, Zaggle reports a 92 per cent jump in profit to Rs 44.02 crore, compared to Rs 22.90 crore the previous year
The shares of recently listed firm, Zaggle Prepaid Ocean Services (Zaggle) zoomed more than 3 per cent in the Friday trading session on the firm’s fourth quarter earnings.
The stock traded at Rs 323 in the afternoon session with 3.02 per cent gain on the National Stock Exchange.
Q4 Earnings
SaaS fintech platform, Zaggle declared on Thursday that its consolidated net profit more than doubled to Rs 19.15 crore for the March 2024 quarter, compared to Rs 7.56 crore in the same period last year.
The company's operating revenue for the quarter rose 46 per cent to Rs 273.37 crore, up from 186.85 crore in Q4 FY23. Zaggle attributed the rise in other income to increased interest earnings on higher cash and bank balances following its IPO in September 2023.
For the full fiscal year 2023-24, Zaggle reported a 92 per cent jump in profit to Rs 44.02 crore, compared to Rs 22.90 crore the previous year. Annual revenue grew by 40.13 per cent to Rs 775.59 crore.
Zaggle expanded its customer base with over 600 new corporate clients, including Wipro and Bennett Coleman, and partnered with banks such as SBI and Axis Bank. Founder and Executive Chairman Raj P. Narayanam stated the company aims to double its revenue over the next two years through organic growth.
Stock Performance
Ever since its IPO listing on 22 September 2023 the Zaggle stock has delivered nearly 100 per cent returns, while its year-to-date returns stood at around 44 per cent.
