Shares of Tanla Platforms Limited, India’s largest CPaaS provider, jumped 7.3% on Friday, July 21 to reach a new 52-week high after the company announced its financial results for the first quarter of Q1 FY24.
During the period ended June 30, 2023, the company reported a total income of Rs. 916 crore, showing an increase compared to Rs. 838 crores recorded during the period ended March 31, 2023.
Similarly, the company posted a net profit of Rs. 135 crore, indicating a rise from ₹120 crore posted in the same period of last quarter.
In response to the healthy Q1FY24 performance, the stock opened at Rs. 1,156 per share closely against the previous close of Rs. 1,117.25 per share and grew further during the early trading session to mark a new 52-week high of Rs. 1,198.70, up by 7.3%.
At 10:40 a.m., the stock was trading at ₹1,161.65 apiece with a gain of 3.97% on the NSE.
The stock touched a 52-week low of Rs. 493 on March 28, 2023, indicating that at the current level, the stock is trading 135% above its 52-week low.
The stock has grown nearly 10% in the last one month. Moreover, in the past six months, it has surged over 72%. Furthermore, the stock has yielded a return of almost 3000% in the last five years.
For the June-ending quarter, the company's Earnings Per Share (EPS) stood at Rs. 10.07, representing an increase from Rs. 8.88 reported for the period ended March 2023.
“We have delivered strong growth across both Digital Platforms and Enterprise Communications business. Our strategic bets are giving us tremendous scale and reach to enterprises while continuing to have an incredible innovation engine,” said Uday Reddy, Founder Chairman & CEO, of the company.
Domestic brokerage HDFC Securities has maintained a 'BUY' rating on the stock and set a target price of Rs. 1,350, Moneycontrol reported.
Tanla Platforms Limited is an India-based cloud communication provider of application-to-person (A2P) messaging platforms. The company develops and delivers technology and products, which meet the needs of a diverse clientele, from enterprises to carriers across the world.
