Shares of Tanla Platforms Ltd fell 5% today after the company said it has decided not to continue its agreement with Vodafone Idea. The company had entered into a term sheet with Vodafone Idea for provision of platform and firewall services for international A2P services in November 2021, which was valid for a term of 2 years.
This partnership will not continue beyond the initial term, company said.
Subsequently, Tanla Platforms shares opened lower at Rs 1075.05 on BSE. Later, they hit an intraday low of Rs 1045, falling 4.92% in the afternoon session. Tanla Platforms shares are trading lower than 5 day, 10 day, 20 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.
In a year, the stock has gained 43.83 per cent and risen 45.66 per cent in 2022. Total 0.94 lakh shares of the firm changed hands amounting to a turnover of Rs 9.96 crore on BSE. Market cap of the firm fell to Rs 14,074 crore.
The stock hit its 52-week high of Rs 1317.40 on July 24, 2023 and a 52-week low of Rs 506.10 on March 27, 2023.
The ending of partnership would have a revenue impact of Rs 17 crore and PAT impact of Rs 9 crore on a full-quarter basis post November 2023, the company added.
Tanla Platforms reported a 34.8 percent YoY rise in June quarter profit at Rs 135.4 crore . Revenue from operations climbed 13.9 percent to Rs 911 crore in Q1 .
The company reported gross profit at Rs 241.30 crore. Its gross margin came at 26.5%. Tanla Platforms said its earnings per share rose 36% year-on-year to Rs 10.07.
Tanla Platforms Limited is a technology-driven communications company providing cloud communication solutions. The company counts prominent companies like Vodafone, Airtel, Facebook, HDFC Bank and Axis Bank among its clientele. BusinessToday