Zaggle Prepaid Ocean Services Sees Surge in Q1FY25 Net Profit

SaaS fintech platform, Zaggle Prepaid Ocean Services, reported a significant rise in its net profit to Rs 16.7 crore for June 2024 quarter, compared to Rs 2.05 crore in the same period last year. Despite a sequential drop, the company experienced a 113% year-on-year revenue increase driven by credit card volumes and its business spend management platform, Zoyer.

On Tuesday, Zaggle Prepaid Ocean Services announced a remarkable rise in consolidated net profit to Rs 16.7 crore for the June 2024 quarter, compared to Rs 2.05 crore in the year-ago period.

The Hyderabad-based fintech company observed a sequential 12.7% drop in net profit during the quarter. Revenue from operations increased by 113% YoY to Rs 252.2 crore, although it declined 7.7% from the previous quarter's Rs 273.2 crore.

Founder and executive chairman Raj P Narayanam attributed the YoY topline growth to increased credit card volumes, strong performance of its business spend management platform Zoyer, and new client additions. The company plans to sustain its growth trajectory by focusing on inorganic expansion opportunities.