Ashish Kacholia-backed Zaggle Prepaid Ocean shares nosedive 10%, hit lower circuit after Q3 results

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Shares of Zaggle Prepaid Ocean Services, backed by ace investor Ashish Kacholia, nosedived 10% to hit their lower circuit at Rs 424.30 on the BSE on Monday, despite the fintech and SaaS provider reporting a 29.6% year-on-year (YoY) rise in consolidated profit after tax (PAT) to Rs 19.7 crore for the October-December quarter, up from Rs 15.2 crore in the year-ago period.

On a sequential basis, PAT slipped 2.47%. The company’s revenue from operations in Q3FY25 stood at Rs 336.8 crore, reflecting a 68.8% YoY increase from Rs 199.5 crore. Revenue also grew 11.3% quarter-on-quarter (QoQ).


Total expenses increased to Rs 314.14 crore in the quarter ended December 2024, up 12% from Rs 280.50 crore in Q2 and 71.59% higher than Rs 183.07 crore in the same quarter last year. Key cost components contributing to the rise included point redemption expenses and incentives.

Employee benefits expense declined 4.46% on a QoQ basis to Rs 17.10 crore but rose 53.36% YoY from Rs 11.15 crore in the same quarter last year.


Zaggle's Q3 also saw corporate restructuring, with the company acquiring a 53.32% stake in Span Across IT Solutions Private Limited, transitioning it from an associate entity to a subsidiary.

"For FY25, we are confident of achieving 58-63% growth in our topline. We are also evaluating inorganic growth opportunities to expedite this growth, and the discussions are at advanced stages," said Raj P. Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services.Also Read:Nifty looks strong with support at 23,400: Analysts

Zaggle Prepaid Shares Target Price

As per Trendlyne data, the average target price of the stock is Rs 635, indicating an upside potential of 35% from the current market price. The consensus recommendation from 2 analysts for the stock is a 'Strong Buy.'

Zaggle Prepaid Shares Performance

On Friday, Zaggle Prepaid Ocean Services shares closed at Rs 471, down 3% on the BSE, while the benchmark Sensex declined 0.25%. The stock has declined 14% year-to-date but gained 69% in the last 12 months. The company’s market capitalization stands at Rs 6,326 crore.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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