Shares of this small cap IT company gained 6.9 percent after the company announced that they have receded orders with 56 lacs. The company has a market capitalization of Rs. 2,522.52 crores.
At 10:00, 1st November shares of Zaggle Prepaid Ocean Services Ltd were trading at Rs. 221.25 per share, up by 6.9 percent from previous closing price of Rs. 206.7 per share. The stock has delivered 35.08 percent returns in the last 6 months.
Such bullish stock price movements were observed after the company announced through a regulatory filing on Bombay stock exchange (BSE) that they have received a work order for Rs. 56 lacs from Toshiba Software Private Limited.
Toshiba is signing a 3-year agreement to use a service. They’ll pay a monthly fee for each employee who submits a report, and this fee will increase slightly every year. They must pay for at least 250 users each month, and there’s an initial set-up fee.
Looking at the financials of the company, revenue increased by 33.69 percent to Rs. 118.48 crores in Q1FY24 from Rs. 88.62 crores in Q1FY24, in the same time period net profit decreased by 67 percent to Rs. 2.06 crores from Rs. 6.30 crores.
Talking about the financial ratios, the company reported return on equity (ROE) of 66.69 percent and return on capital employed (ROCE) of 25.36 percent in the last financial year.
Zaggle creates top-notch financial solutions and products that streamline and handle the financial expenditures of corporations, small and medium-sized enterprises (SMEs), and startups using automated and inventive processes.
Written by: Vinit Israni
