Zaggle Prepaid Ocean Services (ZAGGLE) Q4 23/24 earnings summary

Executive summary

• FY 2023-24 delivered record revenue and profit, with revenue from operations of ₹7,755.98 million, up 40.1% YoY, and PAT of ₹440.20 million versus ₹229.01 million.

• Growth reflected higher customer and user activity, stronger program fees, and the ramp-up of Zoyer; the business served 3,016 customers and 2.73 million users at year-end.

• FY 2024-25 revenue growth guidance is 45–55%, supported by product scaling, cross-selling, and planned U.S. expansion.

Financial highlights

• Revenue from operations rose to ₹7,755.98 million from ₹5,534.60 million; total income was ₹7,868.69 million versus ₹5,545.75 million.

• PAT increased to ₹440.20 million from ₹229.01 million; profit before tax was ₹597.81 million, and basic EPS was ₹4.06 versus ₹2.48.

• Adjusted EBITDA before ESOP expenses reached ₹855.7 million, up 36.9% YoY; adjusted EBITDA margin was 11.0%, versus 11.3% in FY 2022-23.

• Other income rose to ₹112.71 million from ₹11.15 million, primarily reflecting treasury income on IPO proceeds; total expenses increased 39.04% to ₹7,270.88 million.

• Operating cash flow was negative ₹827.46 million, while investing cash flow was negative ₹3,318.89 million; financing cash flow was positive ₹4,029.86 million.

Outlook and guidance

• FY 2024-25 revenue growth is projected at 45–55%, driven by scaling Zoyer, Save and Propel and increasing cross-selling.

• U.S. market entry work is focused on defining the ideal customer profile and product-market fit; organic growth is the base plan, with acquisitions potentially adding growth beyond organic guidance.

• Zatix analytics, the Fleet Program and Zaggle International Payments (ZIP) showed encouraging market response; forex program revenue was expected to begin in FY 2024-25.