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The share price of this IT firm went up nearly 1 percent to an Intraday high of Rs 301 per share on Friday after the company entered a service agreement with Skydo Technologies Private Limited to provide cross-border payment.

With a market capitalization of Rs 3,653.65 crores, at 2:57  pm the shares of Zaggle Prepaid Ocean Services Ltd company moved down by 2.13 percent, trading at Rs 292 a piece on Friday’s afternoon session. Comparing today’s high of Rs 301 per share and a previous close of Rs 298.30 per share, the shares surged by 1 percent. 

According to the exchange filings, Zaggle Prepaid Ocean Services Limited has entered a service agreement with Skydo Technologies Private Limited to provide cross-border payment capabilities to Zaggle’s corporate customers. The agreement will be effective from June 13, 2024, until mutually terminated.

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On June 13, ICICI Prudential Mutual Fund picked 6.51 Lakh equity shares of Zaggle Prepaid Ocean Services Limited at Rs. 280 per equity share while Ventureast Proactive Fund LLC has sold 22.27 Lakh equity shares at Rs. 280.01 per share.As per the block deal data available on NSE.

Considering the financials of Zaggle Prepaid Ocean Services Limited on a year-on-year basis, the revenue from operations increased by 0.9 percent from Rs. 553 crores in FY22-23 to Rs 776 crores in FY23-24. Additionally, the net profits of the firm increased tremendously by  91.3 percent from Rs. 23 crores in FY22-23 to Rs 44 crores in FY23-24.

In terms of Return ratios, it has reported a return on equity(ROE) of 14.1 percent and a return on capital employed (ROCE) of 17.2 percent. It has reported a debt to equity ratio of 0.15.

Zaggle Prepaid expanded its customer base, adding 620 new corporate clients, including prominent names like Wipro and Bennett Coleman.

As for the quarterly financial highlights, the adjusted EBITDA rose by 9.1 percent from Rs 24.9 crores in Q4FY23 to Rs 27.2 crores in Q4FY24. The gross profit soared by 79.3 percent from Rs crores 90.0 crores to Rs 161.5 crores for the same time frame.

The company’s key customers include Tata Steel, Persistent, Green Ply, and Hiranandani. They have developed a mobile application called Zoyer, which addresses various issues such as Saas Spender, Project-based Spender, Cloud and Infrastructure Spender, Marketing and Campaign, and much more.

The shares of this company generated an overall return of 87.37  percent over the past  year and  22.60 percent over the past 6 months. 

As of March 2024, the firm’s shareholding pattern stood at 43.93  percent for promoters, 39.82 percent for the public, 11.70  percent for foreign institutional investors, and 4.57 percent for domestic institutional investors. 

Ace Investor Ashish Kacholia holds a 2.37 percent stake in the company consisting of 29.03 lakh equity shares. He took entry into the company in the September 2023 Quarter, by purchasing a fresh stake of 1.50 percent consisting of an 18.29 percent stake.

Incorporated in 2011, Zaggle builds financial solutions and products to manage the business expenses of corporates, SMEs, & Startups through automated and innovative workflows.

Written by Zahal.

Inshorts:

Zaggle Prepaid Ocean Services Ltd’s stock rose nearly 1% to Rs 301 share after entering a service agreement with Skydo Technologies Private Limited for cross-border payments to Zaggle’s corporate customers. The agreement is effective from June 13, 2024.