Fintech firm Zaggle has reported a net profit of â¹19.16 crore in the fourth quarter ended March 31, 2024, an increase of over 1.5 times over â¹7.56 crore net profit that it reported in the same quarter last year.
The company registered a revenue of â¹273.37 crore in the quarter, as against â¹186.85 crore, showing a growth of 40 per cent.
For the financial year 2023-24, the company reported a net profit of â¹44 crore as against â¹22.90 crore, showing a growth of 92 per cent. Its revenue for the year stood at â¹775.60 crore as against â¹553.46 crore in the previous year.
âIn the financial year 2023-24 and in the fourth quarter, we set a new record in terms of revenue from SaaS fees, and programme fees. This led to our highest-ever performance across key profitability metrics,â Raj P Narayanam, Founder and Executive Chairman of Zaggle Prepaid Ocean Services Limited, said.
âWe have entered into a strategic alliance with Span Across IT which will allow us to offer taxation and financial wellness solutions to our customers,â he said.
Growth forecast
âWe doubled our revenue over the last three years and are poised to double our revenue over the next two years through organic growth. Our expectation of revenue growth for this fiscal year is to the tune of 45%-55%,â Narayanam said.
He said the company was open to pursuing inorganic growth opportunities through mergers and acquisitions.
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