Introduction: The share price of the small-cap firm surged by 2 percent to an intraday high of Rs 306.7 per share on Monday after it entered into an agreement with PNB MetLife India Insurance Company to provide its software services.
The shares of this company generated an overall return of 90 percent over the past year and 40 percent over the past 6 months.
Share price movement: With a market capitalization of Rs 3,712.44 crores, the shares of Zaggle Prepaid Ocean Services Limited started Monday’s trading session on a lower note at Rs. 297.45 compared to its previous close of Rs. 299.25. During the trading session, the shares hit a high of Rs. 306.70, gaining around 2 percent, and closed the day at Rs. 302 apiece.
What happened: According to the Zaggle Limited stock exchange filings, the company has announced that they have entered into an agreement with PNB Metlife India Insurance Company Limited to provide Zaggle’s Save and Employee expense management & benefits platform for a time period of 3 years.
Financials: Reviewing the financials of Zaggle Prepaid Ocean Services Ltd on a year-on-year basis, the revenues rose by 40 percent from Rs 553 crores in FY23 to Rs 776 crores in FY24. In the same time frame, the net profits increased from Rs 23 crores to Rs 44 crores, demonstrating a 91 percent increase.
Ratios: In terms of return ratios for the year 2024, it has reported a return on equity (ROE) of 7.65 percent and a return on capital employed (ROCE) of 12.22 percent. It has also reported a debt-to-equity ratio of 0.13 times for the same period.
Ace Investor Holdings: According to the latest shareholding pattern, Ace Investor Ashish Kacholia, who entered the stock in September 2022, currently holds approximately 29,03,356 equity shares equivalent to a 2.37 stake in this company. The current holding value of the investment amounts to Rs 87.8 crores.
Customer base and developments: 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.
Zaggle Prepaid expanded its customer base by adding 620 new corporate clients, including prominent names like Wipro and Bennett Coleman.
Shareholding Pattern: As of June 2024, Zaggle Prepaid Ocean Services Ltd shareholding pattern stood at 43.93 percent for promoters, 44.68 percent for the public, 5.95 percent for foreign institutional investors, and 5.44 percent for domestic institutional investors.
About the Company: Incorporated in 2011 and headquartered in Mumbai, Zaggle builds financial solutions and products to manage the business expenses of corporates, SMEs, & Startups through automated and innovative workflows
Written By Zahal
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