Zaggle Q4 results: Net profit doubles to ₹19.15 crore over increase in other incomes

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

According to a regulatory filing, the company reported a net profit of ₹7.56 crore in the year-ago period.

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

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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".

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The company's profit jumped 92 per cent to ₹44.02 crore during the fiscal compared to ₹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 ₹775.59 crore in FY24.

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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 ₹313.95 apiece on the BSE, up 1 per cent from the previous close.