Here's why Zaggle Prepaid shares were locked in 5% upper circuit today

Zaggle share price: Zaggle Prepaid Ocean Services (Zaggle) shares soared as much as 5 per cent to hit the upper circuit at Rs 461.20 per share on Thursday, November 21, 2024.

 

The Zaggle share price rose after the company announced that it has entered into an Supplier Framework Agreement with Strada India Private Limited.

 

Zaggle, via an exchange filing, said, “This is to inform you that Zaggle Prepaid Ocean Services Limited (Zaggle), has entered into an agreement with Strada India Pvt. Ltd.” 

 

Under the terms of the deal, Zaggle will provide its Software-as-a-Service (SaaS) platform, payment and card products to corporate customers of Strada. 

 

 

Zaggle Q2 results

 

Zaggle's consolidated profit zoomed 145 per cent year-on-year (Y-o-Y) to Rs 18.6 crore in Q2FY25, from Rs 7.6 crore a year ago (Q2FY24).

 

Its revenue from operations, or topline, climbed 64.2 per cent annually to Rs 303 crore in Q2FY25, from Rs 184 crore in Q2FY24.

 

At the operational level, the company's earnings before interest, tax, depreciation, and amortisation (Ebitda) skyrocketed 77.7 per cent Y-o-Y to Rs 26.7 crore in Q2FY25, from Rs 15 crore in Q2FY24. Subsequently, Ebitda margins expanded 50 basis points (bps) to 8.8 per cent in Q2FY25, as compared to 8.2 per cent in the same quarter last fiscal year (Q2FY24).

 

Set up in 2011, Zaggle is a financial technology (FinTech) company that provides automated solutions for managing business expenses. 

 

About Zaggle   Headquartered in Hyderabad, Zaggle’s offerings include a comprehensive spending management platform that streamlines processes for employee benefits, expense management, and corporate gifting. 

 

Additionally, Zaggle has issued over 50 million co-branded prepaid cards and offers SaaS solutions for tax and payroll management. The company’s software platforms are tailored to help startups and SMEs optimise financial operations and make informed decisions. 

 

The market capitalisation of Zaggle is Rs 5,654.63 crore, according to BSE. The 52-week high of the Zaggle Prepaid Ocean Services share is Rs 493 per share while its 52-week low is Rs 207.50 per share. 

 

At 1:20 PM, Zaggle shares continued to remain locked in the 5 per cent upper circuit at Rs 461.20 per share. In comparison, BSE Sensex was trading 0.59 per cent lower at 77,118.25 levels.