Fintech firm Zaggle Prepaid Ocean Services Ltd has entered into a three-year agreement with The Supreme Industries Ltd to provide its Zaggle Propel reward platform for channel rewards and recognition. According to reports from CNBC TV18, the contract has been awarded by a domestic entity and is domestic in nature, with neither the promoter nor promoter group having any interest in Supreme Industries. The company confirmed that the agreement does not fall under related party transactions, ensuring the partnership is conducted at arm's length while maintaining transparency and compliance with regulatory standards.
The company delivered robust financial results for Q3, with net profit jumping 84.3% year-on-year to ₹36.3 crore, compared with ₹19.7 crore in the corresponding quarter last year. As reported by CNBC TV18, revenue from operations surged 56% YoY to ₹525.5 crore, up from ₹336.8 crore, aided by higher transaction volumes and continued traction across its prepaid card and employee benefits segments. Total income stood at ₹534.2 crore, while total expenses rose to ₹484.5 crore, reflecting increased costs linked to higher business activity.
The company's largest expense head was cost of point redemption and gift cards at ₹282.6 crore, compared with ₹185.8 crore a year ago. According to CNBC TV18, incentives and cash-back expenses increased to ₹141.7 crore from ₹82.9 crore, in line with higher customer engagement. Total expenses rose to ₹484.5 crore, reflecting the increased costs linked to higher business activity.
Shares of Zaggle Prepaid Ocean Services Ltd ended at ₹255.20, up by ₹13.15, or 5.43%, on the BSE following the announcement. As reported by CNBC TV18, the positive market response reflects investor confidence in the company's strategic partnership and strong quarterly performance. The collaboration between Zaggle and The Supreme Industries is expected to leverage Zaggle's expertise in reward platforms, providing substantial value to The Supreme Industries' operations and employee engagement strategies.
