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IT Software Products company Zaggle Prepaid Ocean Services announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Highest-ever quarterly revenue, marking the highest quarterly revenue from SaaS, Program Fees and Propel Revenue
- Highest ever quarterly EBITDA and PAT
- The increase in Incentive and cash back is attributed to the increase in revenue and market push for Zoyer
- The revenue contribution from Zoyer has experienced significant growth
- During the year the debt reduced from Rs 1,210 million to Rs 736 million. This led to a reduction in Finance costs on YoY basis. However, on a sequential basis the increase is due to fees paid on the prepayment of debt
- The increase in other income stems from higher interest income on increased cash/ bank balances post IPO
FY24 Financial Highlights:
- Highest ever annual performance in terms of revenue and profitability metrics
- Customer base expansion with ~620 new corporates including marquee names such as Wipro, Bennett Coleman, Emcure Pharmaceuticals etc.
- Onboarded high quality bank partners – SBI, ICICI Bank, Kotak Mahindra bank, Axis Bank, etc. This assists in enhancing the reach and maximise opportunities for growth.
Commenting on the performance Raj P Narayanam, Founder and Executive Chairman, Zaggle Prepaid Ocean Services Limited said, “In FY24 and Q4FY24 we set new record in terms of revenue from SaaS fees, Program Fees and Propel Points. This led to our highest ever performance across key profitability metrics during these periods.
In FY24, our revenue growth was 40.1% with an Adjusted EBITDA Margin (before ESOP expense) of 36.9%, successfully fulfilling our guidance.
During the quarter, we had a 46.0% YoY growth in revenues and a 12.7% YoY growth in Adjusted EBITDA (before ESOP expenses). Our track record of consistent financial performance over the years continues to be strong.
At Zaggle, we are pleased about our recent strategic alliance with Span Across IT Solutions as now we will be able to offer Taxation and Financial wellness solutions to our customers. Further, some of our recent noteworthy developments include onboarding Axis Bank to our bouquet of bank partners and our contract with EaseMyTrip & Riya Travels to offer bundled Expense and travel solutions to our customers.
We doubled our revenue over the last 3 years and are poised to double our revenue over the next 2 years through organic growth. Our expectation of revenue growth for this fiscal year is to the tune of 45%-55%. We are focused on garnering more market share and making significant investments in technology, specifically building deeper AI capabilities to cater to the massive demand for Spend management solutions.
We intend to pursue inorganic growth opportunities through mergers and acquisitions. Additionally, we plan to expand geographically into the US markets as part of our growth strategy.
The opportunity for Zaggle to shape the future of spend management in India is enormous. With a broad array of solutions, we are well-positioned to truly digitize Corporate India’s spends. We see abundant opportunities ahead and remain optimistic about the upcoming quarters.”
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