The shares of this financial solution provider gained up to 5 percent after the company entered into an agreement with Torrent Gas Limited to implement the Close Loop Fleet Program worth Rs. 200 Crore.
With a market capitalization of Rs 2,642.78 crore, the shares of Zaggle Prepaid Ocean Services Ltd were trading at Rs 216.10 per share, increasing around 3.52 percent as compared to the previous closing price of Rs 208.70 apiece.
According to the company filing, Zaggle Prepaid Ocean Services Ltd has signed a deal with Torrent Gas Limited to conduct the Close Loop Fleet Program worth Rs. 200 crore. This agreement has a two-year execution duration.
Zaggle Prepaid Ocean Services Ltd’s revenue increased by 41 percent, from Rs 130.34 crore in Q2FY23 to Rs 184.24 crore in Q2FY24. During the same period, net profit also increased by 0.5 percent, from Rs 7.55 crore to Rs 7.59 crore.
Zaggle Prepaid Ocean Services Ltd. reported return ratios in the recent financial year with a return on equity (ROE) of 101 percent and a return on capital employed (ROCE) of 33.5 percent.
Zaggle has established a market niche in India by providing a solution for both expenditure management (payment instruments) and workforce management (SaaS). Diversification creates complexity in procedures, offers, rules, and internal operations, making it difficult for new entrants.
Zaggle Prepaid Ocean Services Ltd’s recent shareholding pattern, The Promoters of the Company owns 44.07 percent while Retail shareholders own a 31.80 percent stake in the company and Foreign Institutional Investors own a 15.60 percent stake.
Zaggle creates world-class financial solutions and technologies to help corporations, SMEs, and startups manage their company spending using automated and creative workflows.
Written by:- Abhishek Singh
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