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Fintech firm Zaggle has reported a net profit of ₹19.16 crore in the fourth quarter ended March 31, 2024, an increase of over 1.5 times over ₹7.56 crore net profit that it reported in the same quarter last year.
The company registered a revenue of ₹273.37 crore in the quarter, as against ₹186.85 crore, showing a growth of 40 per cent.
For the financial year 2023-24, the company reported a net profit of ₹44 crore as against ₹22.90 crore, showing a growth of 92 per cent. Its revenue for the year stood at ₹775.60 crore as against ₹553.46 crore in the previous year.
“In 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,” Raj P Narayanam, Founder and Executive Chairman of Zaggle Prepaid Ocean Services Limited, said.
“We have entered into a strategic alliance with Span Across IT which will allow us to offer taxation and financial wellness solutions to our customers,” he said.
Growth forecast
“We 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%,” Narayanam said.
He said the company was open to pursuing inorganic growth opportunities through mergers and acquisitions.
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