The shares of Tanla platforms opened at Rs 869 on Tuesday and sharply declined by 20% to hit the lower circuit. It touched its 52-week low of Rs 730. In the last five days, the stock has declined by more than 26%.
This was mainly driven by the excessive selling of shares by the investors after the company posted a weak quarterly result.
Net profit in the quarter ended June 30, 2022, Q1 fell to ₹100 crores as compared to ₹140 crores in the March quarter. In the same period a year ago, the company earned a net profit of Rs 104 Crores.
The total revenue reported by the company in Q1 of FY23 stood at Rs 800 Crores as compared to Rs 626 Crores which it earned in the same period a year ago. However, on a sequential basis, it has dropped by 7% from Rs 853 Crores.
At the beginning of the year, the stock was trading at Rs 1839. During the month it rallied and reached its 52-week high of Rs 2,096 in the same month. Since then it has sharply declined by more than 60% YTD to trade at the current levels.
Domestic brokerage firm HDFC Securities has a buy call on Tanla Platforms with a target price of Rs 1350 which represents an upside of 85% from the current levels. The time period given by them is one year.
Tanla Platforms Limited, previously known as Tanla Solutions Ltd, is a cloud communications company. It is also counted as India’s largest Communications Platform as a Service (CPaaS) company. It processes more than 800 billion interactions annually.
The promoters of the company hold a 43.74% stake in the company with zero shares pledged. The Foreign Institutional Investors (FIIs) also have a high stake in the company with 13.46%.
Written by – Anoushka Roy
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