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The decline in the stock price came despite the company posting a 29.6% year-on-year jump in net profit at ₹20 crore. The profit was down 2.47% on a sequential basis.
The fintech and SaaS provider, backed by ace investor Ashish Kacholia, reported revenue at ₹336.8 crore, which is a growth of 69% from ₹199.5 crore. On a sequential basis, revenue grew 11%.The company said its total expenses rose to ₹314 crore in the quarter, up 12% from ₹280.50 crore in the previous September quarter and 72% higher than ₹183.07 crore in the same quarter last year. Key cost components contributing to the rise included point redemption expenses and incentives.
For the December quarter, Zaggle Prepaid Ocean Services also saw corporate restructuring, with the company acquiring a 53.32% stake in Span Across IT Solutions, transitioning it from an associate entity to a subsidiary.”For FY25, we are confident of achieving 58-63% growth in our topline. We are also evaluating inorganic growth opportunities to expedite this growth, and the discussions are at advanced stages,” said Raj P Narayanam, Founder and Executive Chairman at Zaggle.
Ashish Kacholia holds a 2.16% stake in the company, as per the December quarter shareholding pattern.
The stock of the Hyderabad-based fintech company has risen nearly three times from its IPO and listing price of ₹164 per share.
The company made a debut on the exchanges on September 22, 2023. It began trading on the bourses at the IPO issue price of ₹164 per share. It has gained around 158% since listing. The company’s current market capitalisation stood at ₹5,694 crore.
Shares of Zaggle Prepaid Ocean Services Ltd. closed 10% lower at ₹424.05.
