70% up since IPO! This newly listed fintech player settles at record high as profit jumps 10 times in Q3

Shares of Zaggle Prepaid Ocean Services Ltd, a SaaS fintech player that provides spend management products and solutions, rallied 20% on Wednesday after the company on February 6 reported over 10 times rise in profit after tax (PAT) for the quarter ended December 31, 2023. Shares of the company settled at a record high of Rs 278.20 on February 7.

Revenue from operations of the company grew 35.10% YoY to Rs 199.5.1 crore in Q3FY24 against Rs 147.65 crore in the same quarter last year. Adjusted EBITDA of the company grew 56.4% YoY to Rs 22.86 crore during the quarter under review. On the other hand, profit after tax of the company increased by 919.5% to Rs 15.22 crore in Q3FY24.

At the current levels, shares of the company have rallied 69.63% against the issue price of Rs 164. Shares of the company made their debut on bourses on September 22, 2023.

The company in a release said that it reported the highest quarterly revenue till date in the December quarter. “Revenue contribution from Zoyer has experienced significant growth. The finance cost has decreased due to prepayment of debts and increase in other income stems from higher interest income on increased cash/bank balances post IPO,” it said.

Commenting on the performance of Zaggle in Q3, Raj P Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services said, “We reported our highest ever quarterly revenues with healthy growth across all profitability metrics. Our record-breaking performance is a result of our product portfolio’s strategic diversification and the successful launch of credit card offerings. Recently, with Torrent Gas joining as a client, we’ve entered the fleet loyalty card program, offering significant volume and margin potential. Employing an efficient end-to-end closed-loop system, we are tapping into India’s vast fleet spends market estimated to be worth Rs 73,000 crore,” he said.

“We see encouraging momentum in our business and are dedicated to maintaining the upward trajectory. Our unwavering commitment to innovation and excellence shall foster growth, solidifying our position as a leader in the industry,” Narayanam said.