Synopsis: A fintech and spend management solutions provider has entered into a new agreement with a leading air conditioning and commercial refrigeration company in India. Under this arrangement, the company will offer its employee expense management and benefits platform to the client.
The shares of this IT stock majorly engaged in managing the business expenses of corporates, SMEs and startups, jumped upto 5 percent after signing an agreement to provide its Zaggle save platform.
With the market capitalization of Rs. 3039 Crore, the shares of Zaggle Prepaid Ocean Services Ltd reached an intraday high of Rs. 228 per share, rising nearly 5 percent from its previous day close of Rs. 217.58 per share and is trading at a P/E of 24 whereas industry P/E stands at 23.6
What is the NEWS
Zaggle Prepaid Ocean Services Limited has agreed with Blue Star Limited to provide its “Zaggle Save” platform, which offers employee expense management and benefits solutions, and it will be implemented over a period of three years. As part of the arrangement, Zaggle will support Blue Star Limited by providing tools that help manage employee expenses and related benefits through its platform.
About the Company and Financials
Zaggle Prepaid Ocean Services Limited is involved in building financial solutions and products that help corporates, SMEs and startups manage their business expenses through automated and structured workflows. The company offers platforms that simplify expense management, employee benefits and payment processes for businesses.
Over time, it has built a wide customer base, serving more than 3,700 corporate clients and supporting over 3.7 million users on its platform. Zaggle has also partnered with 19 banks and has issued more than 50 million cards, which are used by businesses and employees for expense and payment management.
In recent years, the company has also taken steps to expand its business by acquiring and investing in several firms, including Greenedge Enterprises Pvt Ltd, Span Across IT Solutions Pvt Ltd and Mobileware Technologies. These acquisitions are aimed at strengthening Zaggle’s presence across different parts of the fintech ecosystem. Through these companies, Zaggle plans to improve its offerings in areas such as loyalty and rewards programs, the SaaS-based fintech space, and spend management solutions. The additions are expected to help the company expand its product capabilities and support businesses with a broader set of financial and technology services.
Year on Year analysis: Revenue from operations has increased from Rs. 337 Crore to Rs. 526 Crore, up 56 percent. Operating profit has increased from Rs. 29 Crores to Rs. 52 Crores, up 79 percent and net profit has increased from Rs. 20 Crores to Rs. 37 Crores, up 85 percent.
Quarter on Quarter analysis: Revenue from operations has increased from Rs. 432 Crores to Rs. 526 Crores, up 21.7 percent. Operating profit has increased from Rs. 44 Crores to Rs. 52 Crores, up 18.2 percent and net profit has increased from Rs. 35 Crores to Rs. 37 Crores, up 5.7 percent.
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