Ashish Kacholia-backed Zaggle Prepaid Ocean shares tumble 19% in 2 days after Q3 results
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Shares of Zaggle Prepaid Ocean Services, backed by ace investor Ashish Kacholia, tumbled 10% to hit the lower circuit at Rs 381.9 on the BSE on Tuesday, extending their sharp decline following the company's Q3 earnings report on Friday. The stock has now lost nearly 19% in the last two trading sessions. The company reported a 29.6% year-on-year (YoY) rise in consolidated profit after tax (PAT) to Rs 19.7 crore for the third quarter ended December 2024, while Zaggle saw a 2.47% sequential dip in PAT. The company's revenue from operations surged 68.8% YoY to Rs 336.8 crore for the third quarter, also posting an 11.3% quarter-on-quarter (QoQ) growth. Zaggle's total expenses jumped 71.59% YoY to Rs 314.14 crore in the October-December quarter, reflecting a 12% rise from the second quarter. Higher point redemption expenses and incentives contributed to the increase, offsetting the revenue growth. Employee benefit costs, however, fe...