Tanla Platforms shares crash: Stock locked in 20% lower circuit; Here's why
Tanla Platforms shares crash: Stock locked in 20% lower circuit; Here's why
Tanla Platforms shares crash: Small-cap IT company Tanla Platforms' share price locked at a lower circuit of 20 per cent, hitting a fresh 52-week low of Rs 731 per share on the BSE intraday during Tuesday’s session.
The stock witnessed a free fall mainly on the back of weak June quarter results on all metrics.
The company’s profit declined by around 4 per cent year-on-year (YoY) and nearly 29 per cent quarter-on-quarter (QoQ) to Rs 100.4 crore, while total income gained almost 28 per cent YoY, and slipped over 6 per cent (QoQ) to Rs 804.6 crore in the first quarter of the financial year 2022-23.
“We are progressing well on our one platform strategy-Wisely. Q1 had some operational headwinds in the Enterprise business, but we have our building blocks in place to accelerate our momentum in the coming quarters,” Uday Reddy, founder chairman & CEO, Tanla Platforms Limited said.
The company has a strong balance sheet, Reddy said in his management commentary, adding that "we are excited by the opportunities ahead".
The company has reported EPS of Rs 7.38 for the period ended June 30, 2022 as compared to Rs 7.68 for the period ended June 30, 2021.
The share price of the company has dropped almost 29 per cent in the last one month as against 4.5 per cent surge in the S&P BSE Sensex. The counter has slipped over 60 per cent in year-to-date as compared to over 6 per cent fall in the S&P BSE Sensex during same period.
Tanla was founded in 1999. It was the first company to develop and deploy A2P SMSC in India. The company today is one of the world’s largest CPaaS players. It processes more than 800 billion interactions annually and about 63% of India’s A2P SMS traffic is processed through Trubloq, making it the world’s largest Blockchain use case.
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