Tanla Platforms shares spike 9.3% as company's revenue crosses ₹10 billion in Q2
Tanla Platforms, India's largest CPaaS (communications platform as a service) provider, saw a significant jump in its shares, rising by 9.3% to reach ₹1,120 apiece, in Friday's trading session following the company's impressive Q2 FY24 results. At 11.45 AM, the stock was trading with a gain of 6.70% at ₹1,090. The company on Thursday reported a 19% YoY surge in revenue at ₹1,009 crore and 11% sequentially.
The revenue from its digital platforms grew by 27% YoY and 8% QoQ, led by Trubloq and Wisely OTT. The revenue from Enterprise Communication improved by 18% YoY and 11% QoQ. The company said it is witnessing strong growth momentum in WhatsApp and has reached an annualised run rate of ₹3,000 million at a group level.
It also said it has added 43 new customers on WhatsApp across the group. Further, its EBITDA grew by 41% YoY to ₹197 crore, and the EBITDA margin improved by 312 bps in Q2 FY24. On a sequential basis, the EBITDA margin was down by 49 bps.
On the bottom line, the company reported a consolidated net profit of ₹143 crore, an increase of 29% over the Q2 FY23 net profit of ₹110 crore. The EPS (earnings per share), on the other hand, improved to ₹10.61 in Q2FY24 from ₹8.14 in the year-ago quarter. At the prevailing price, the stock trades at a price-to-earnings multiple of 28.79x, which is much lower compared to the industry P/E of 65.43x.
During the quarter, Tanla acquired Value First Digital Media Private Limited, India (“VF Digital India") (and its subsidiaries) from Twilio. The acquisition was closed on July 03, 2023, for an all-cash consideration of ₹3,737 million. VF Digital India is a leading Indian CPaaS provider that offers the ability to connect with their customers globally across multiple communication
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