Tanla Platforms slides after Q3 PAT tumbles 26% YoY to Rs 116 cr

Tanla Platforms slipped 3.36% to Rs 675.05 after the company's consolidated net profit dropped 26.3% to Rs 116.51 crore on 1.7% decline in revenue from operations to Rs 869.63 crore in Q3 FY23 over Q3 FY22.

Profit before tax tumbled 25.9% to Rs 145 crore in Q3 FY23 from Rs 195.55 crore recorded in the same period last year. Total expenses rose 5.37% year on year to Rs 730.69 crore in quarter ended 31 December 2022.

Consolidated EBITDA declined by 25% YoY to Rs 151.3 crore in Q3 FY23 from Rs 202.8 crore posted in Q3 FY22. EBITDA margin stood at 17.4% in Q3 FY23.

The company's revenue from Platform business was at Rs 78.2 crore (up 19% YoY) whereas revenue from Enterprise business stood at Rs 791.4 crore (down 3% YoY) during the period under review.

The company said that 220 customers contributing greater than Rs 1 crore annual revenue grew by 16% year on year.

Tanla Platforms registered a negative free cash flow of Rs 56.5 crore and cash & cash equivalents stood at Rs 768 crore in Q3 FY23.

Uday Reddy, founder chairman & CEO, Tanla Platforms said, Wisely is scaling up well and contributed 35% of our platform gross profit in the quarter. Our enterprise business is showing steady recovery with sequential improvement.

Tanla Platforms, one of the world's largest CPaaS players, processes more than 800 billion interactions annually and about 63% of India's A2P SMS traffic is processed through its distributed ledger platform.

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