Zaggle Prepaid Ocean Services Limited reports robust Q4 and FY24 performance

Zaggle Prepaid Ocean Services Limited, a SaaS fintech player which provides spend management products and solutions, has announced its audited Financial Results for the quarter and year ended March 31, 2024.

Q4FY24 - Key Highlights:

- Highest-ever quarterly revenue, marking the highest quarterly revenue from SaaS, Program Fees and Propel Revenue

- Highest ever quarterly EBITDA and PAT

- The increase in Incentive and cash back is attributed to the increase in revenue and market push for Zoyer

- The revenue contribution from Zoyer has experienced significant growth

- During the year the debt reduced from Rs. 1210 Mn to Rs. 736 Mn. This led to a reduction in Finance costs on YoY basis. However, on a sequential basis the increase is due to fees paid on the prepayment of debt

- The increase in other income stems from higher interest income on increased cash/ bank balances post IPO

FY24 - Key Highlights:

- Highest ever annual performance in terms of revenue and profitability metrics

- Customer base expansion with ~620+ new corporates including marquee names such as Wipro, Bennett Coleman, Emcure Pharmaceuticals etc.

- Onboarded high quality bank partners - SBI, ICICI Bank, Kotak Mahindra bank, Axis Bank, etc. This assists in enhancing the reach and maximise opportunities for growth.

Commenting on the performance Raj P Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services Limited said, "In FY24 and Q4FY24 we set new record in terms of revenue from SaaS fees, Program Fees and Propel Points. This led to our highest ever performance across key profitability metrics during these periods.

In FY24, our revenue growth was 40.1% with an Adjusted EBITDA Margin (before ESOP expense) of 36.9%, successfully fulfilling our guidance.

During the quarter, we had a 46.0% YoY growth in revenues and a 12.7% YoY growth in Adjusted EBITDA (before ESOP expenses). Our track record of consistent financial performance over the years continues to be strong.

At Zaggle, we are pleased about our recent strategic alliance with Span Across IT Solutions as now we will be able to offer Taxation and Financial wellness solutions to our customers. Further, some of our recent noteworthy developments include onboarding Axis Bank to our bouquet of bank partners and our contract with EaseMyTrip & Riya Travels to offer bundled Expense and travel solutions to our customers.

We doubled our revenue over the last 3 years and are poised to double our revenue over the next 2 years through organic growth. Our expectation of revenue growth for this fiscal year is to the tune of 45%-55%. 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.

The opportunity for Zaggle to shape the future of spend management in India is enormous. With a broad array of solutions, we are well-positioned to truly digitize Corporate India's spends. We see abundant opportunities ahead and remain optimistic about the upcoming quarters."

Shares of Zaggle Prepaid Ocean Services Limited was last trading in BSE at Rs. 314.70 as compared to the previous close of Rs. 313.95. The total number of shares traded during the day was 199121 in over 4288 trades.

The stock hit an intraday high of Rs. 338.05 and intraday low of 312.90. The net turnover during the day was Rs. 64807646.00.

Source : Equity Bulls

Keywords

ZagglePrepaidOceanServices INE07K301024 ITEnabledServices Q4FY24 FY2024 ResultUpdate FY24