Shares of Tanla Platforms Ltd. surged over 9% to a two-month high on Friday after its revenue touched a new milestone and profit increased in the July–September quarter.
The company's consolidated net profit rose 5.27% quarter-over-quarter to Rs 142.54 crore in the quarter ended September, according to an exchange filing.
Tanla Platforms Ltd. scaled a new revenue milestone of over Rs 1,000 crore in the second quarter of fiscal 2024, as compared to Rs 9,111 crore in the previous quarter, according to its investor presentation.
Tanla Platform Q2 FY24 (Consolidated, QoQ)
Revenue up 10.69% at Rs 1,008.59 crore.
EBIT is up 5.07% at Rs 174.19 crore.
Margin at 17.27% vs. 18.19%
Net profit is up 5.27% at Rs 142.54 crore.
Shares of the company rose as much as 9.35% to Rs 1,120 apiece, the highest level since Aug. 18. It pared gains to trade 6.45% higher at Rs 1,090.30 apiece, compared with a 0.31% decline in the NSE Nifty 50 as of 9:58 a.m.
It has risen 52.47% on a year-to-date basis. Total traded volume so far in the day stood at eight times its 30-day average. The relative strength index was at 57.6.
All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 28.7%.
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