At 12.48 pm, shares of the company were trading at Rs 322.85 apiece on the NSE. The fintech firm reported net profit of Rs 19.16 crore in the January-March quarter, as compared to Rs 7.56 crore in the year-ago period.
Zaggle Prepaid Services' stock increased 7.5% in trading on May 24 following the company's announcement of a more than two-fold increase in net profit for the March quarter of FY24.
The company's shares were trading on the NSE at Rs 322.85 a share at 12:48 pm.
In the January-March quarter, the fintech company declared a net profit of Rs 19.16 crore, up from Rs 7.56 crore in the same time last year. The company credited a spike in spending and transactions throughout its product line for the growth in its business.
Additionally, revenue increased by more than 46% year over year to Rs 2,73.40 crore from Rs 186.90 crore in the same time last year. The notable increase in its business expenditure management platform Zoyer was the primary driver of the revenue rise.
At 12.48 pm, shares of the company were trading at Rs 322.85 apiece on the NSE.
The fintech firm reported net profit of Rs 19.16 crore in the January-March quarter, as compared to Rs 7.56 crore in the year-ago period. Furthermore, it was the company's highest-ever quarter in terms of revenue and net profit.
"Over the past three years, we have quadrupled our sales, and we are about to increase our revenue generated by organic growth during the following two years. What we anticipate from
The fiscal year's revenue increase is expected to be between 45 and 55 percent, according to Raj P. Narayanam, the company's founder and executive chairman of Zaggle Prepaid Ocean Services.
According to Equirus Securities, Zaggle offers a novel business strategy in which corporations who benefit from the product provide only 10–20% of the company's income directly. This arrangement benefits both sides.
At 12.48 pm, shares of the company were trading at Rs 322.85 apiece on the NSE.
The fintech firm reported net profit of Rs 19.16 crore in the January-March quarter, as compared to Rs 7.56 crore in the year-ago period.
Furthermore, according to the brokerage, Zaggle has no significant rivals that operate in all three of its product categories. "A business to business to consumer model with customer onboarding expenses and a customer turnover rate of less than two percent are examples of other business moats. Equirus stated, "We think Zaggle is a special lucrative fintech.
Zaggle has a 'long' recommendation from Equirus, with a price target of Rs 400.
