Zaggle Signs Expense Management Deals; Stock Ends 1.5% Down

Shares of Zaggle Prepaid Ocean Services Ltd ended 1.5% lower on 27th February. Even so, the company said it has entered into multiple agreements to provide its corporate expense management solutions to leading domestic entities.

Zaggle will provide its Corporate Expense Cards to employees and associates of Chennai Super Kings Cricket Limited and Superking Ventures Private Limited under one-year agreements.

Separately, the company signed a five-year deal with Saurashtra Cement Limited to offer its Zaggle Save platform for employee expense management and benefits. The contracts are domestic and not related-party transactions.

For the third quarter, Zaggle reported an 84.3% YoY jump in net profit to Rs 36.3 crore. Revenue rose 56% YoY to Rs 525.5 crore. This growth was supported by higher transaction volumes and strong traction in prepaid cards and employee benefits. As a result, total income stood at Rs 534.2 crore.

Expenses increased in line with business growth, driven by higher costs for point redemptions, gift cards, and incentives. Employee benefit expenses, finance costs and depreciation also rose during the quarter.

At 3:30 PM, shares of Zaggle Prepaid ended 1.68% lower at Rs 228.80 on the NSE.

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