The shares of this small-cap IT stock which offers a diversified range of fintech and SaaS products and services came into focus on Monday after the company announced a Strategic Partnership Agreement with Gujarat International Finance Tec-City Company Limited, GIFTCL.
Stock Performance
With a market capitalization of Rs 4,574.38 crore, Zaggle Prepaid Ocean Services Ltd fell 3 percent in Monday’s trading session and made a low of Rs 335 per share compared to its previous closing price of Rs 345.60 per share. The stock retraced from its day’s low and was trading at Rs 345.85 which is a slight increase compared to the previous closing price.
What Happened
Zaggle has entered into an agreement with Gujarat International Finance Tec-City Company Limited (GIFTCL) to provide the solutions of CoBrand pre-paid citizen card and visitor management system for GIFTCL. The contract is to be executed within 5 years.
Additionally on Friday, Zaggle had signed a domestic Customer Service Agreement with Indus Towers Limited to provide Zaggle Save (Employee expense management & benefits). The contract is applicable from 15th February 2025 till the mutual termination of the agreement in accordance with the terms.
Also read: Logistics stock hits 5% upper circuit after receiving ₹100 Cr order from Loom Solar Ltd
Company Overview
Zaggle develops cutting-edge financial solutions and products that streamline business expense management for corporates, SMEs, and startups through automated and innovative workflows. Some of its notable customers include Mahindra, Blinkit, Can Fin Homes, BigBasket and Hitachi among others.
Financial Performance
In the latest quarter, Zaggle reported a 68 percent YoY increase in its revenue from Rs 200 crore to Rs 336 crore. On a quarterly basis, there was a 11 percent increase from Rs 303 crore in Q2 FY25.
This was accompanied by an impressive 33 percent YoY increase in net profits from Rs 15 crore to Rs 20 crore. On a quarterly basis, the company saw a 5 percent increase in profits from Rs 19 crore in Q2 FY25.
Ace Investor
According to the latest available information, renowned Indian ace investor Ashish Kacholia holds a 2.16 percent stake in the company which is equivalent to 29 lakh equity shares.
Written by Shwetha Sairam
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
