Tanla Platform Q3 Results Review - Muted Operating Performance For The Quarter: Yes Securities

Yes Securities Report

Tanla Platform Ltd. reported muted financial performance for the quarter. The sequential revenue growth and Ebitda margin were below expectation. It reported sequential revenue growth of (0.6%) QoQ, led by (0.7%) QoQ decrease in the revenue of enterprise business and 0.5% QoQ increase in revenue of Platform business.

There was sequential decrease in Ebitda margin (down 28 basis points QoQ) on higher selling, general, and administrative expenses.

We maintain our 'Buy' rating on the stock with revised target price of Rs 1,400/share based on price/earnings of 20 times on FY26E. The stock trades at price/earnings of 18.1 times/14.9 times on FY25E/FY26E.

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