Shares of this IT stock under the ‘small-cap’ category soared up to 9 percent in Friday’s trading session after the company posted financial results for Q2FY’24, i.e., for the quarter ended September 2023.
With a market capitalization of Rs 14,478.47 crores, the stocks of Tanla Platforms Limited started their trading session on Friday at Rs 1,081.95 and currently trades at Rs 1,077. The scrip witnessed an intra-day high of Rs 1,119.85 indicating a gain of around 9 percent as compared to the previous close of Rs 1,024.35 apiece.
Such bullish sentiments around the stock were observed after the company, through a regulatory filing with the BSE, announced its financial results for the September 2023 quarter.
The company, on a sequential basis, reported an increase in its prime business indicators such as the operating revenues as well as net profits with the former moving up from Rs 911 crores during Q1FY23-24 to Rs 1,009 crores during Q2FY23-24, and, the latter, keeping the timeframe the same, shifted up from Rs 135 crores to Rs 143 crores.
Moreover, the company’s performance, on a YoY basis, showcased the same trend with the operating revenues going up from Rs 851 crores during Q2FY22-23 to Rs 1,009 crores during Q2FY23-24, and, the net profits, in congruence, moving up from Rs 110 crores to Rs 143 crores representing an increase of approximately 30 percent.
The IT company has a very low debt-to-equity ratio of 0.05 times. Moreover, the company’s dividend yield is reported at a decent number of 1.00 percent.
Coming onto the shareholding pattern data available for the September 2023 quarter, the company’s Promoters hold a 44.16 percent stake, and the Foreign Institutional Investors (FIIs), consistently increasing their stake, currently hold a 15.15 percent stake in the company.
Deriving a majority of revenue from India, Tanla Platforms Limited is engaged in the business of providing cloud communications for People and Things, IoT, voice, and messaging services. The company operates through a sole segment, viz, ‘CPaaS service provider’.
Written by Amit Madnani
