Tanla Platforms nosedives 20% after poor Q1 results

Shares of crashed nearly 20 per cent in Tuesday’s trade after the company posted a massive 81 per cent year-on-year (YoY) fall in consolidated net profit to Rs 100.4 crore in the June 2022 quarter. The company had registered a net profit of Rs 539.2 crore in the corresponding period last fiscal.

Total revenue from operations decreased to Rs 800.1 crore for the quarter ended June 2022 as against Rs 3,206 crore in June 2021, down by 75 per cent YoY.

EBITDA for the quarter was lower by 23.1 per cent YoY at Rs 130.7 crore.

After the financial update, the scrip hit its 52-week low of Rs 731 on BSE. At 12:50 pm, it traded at Rs 731 around 20 per cent below its previous close of Rs 913.7.

Uday Reddy, Founder Chairman & CEO, Tanla Platforms, said, “While Q1 did not go in the direction we would have liked, it takes nothing away from my conviction of how exciting the future is. Our building blocks are coming together, and we are just getting started. We are staying true to our strategy of ‘build over buy’. While the markets are moving from pure growth companies to companies with profitability and cash flow, we have always been on the path of driving profitable growth with strong free cash flows.”

Tanla Platforms is a smallcap company having a market cap of Rs 9,923 crore.

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