External broker reports(aggregated public sources), HDFC Securities

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Equity Bottom-Up

<p>Tanla is expected to grow strongly, based on: (1) continued growth in enterprise messaging volumes; (2) increasing Trubloq platform volumes (higher margins); (3) scaling up of Wisely platform (developed by Tanla in partnership with Microsoft); and (4) up-selling and client addition. Over FY21-24E, we project revenue/EBITDA/EPS CAGRs of +26/30/27%. We initiate coverage on Tanla with a TP of INR 1,600, valuing it at 30x FY24E EPS, supported by its top quartile growth, higher RoE of 44%, excellent cash generation, and net cash of INR 8.5bn (~5% of market cap).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Tanla is expected to grow strongly, based on: (1) continued growth in enterprise messaging volumes; (2) increasing Trubloq platform volumes (higher margins); (3) scaling up of Wisely platform (developed by Tanla in partnership with Microsoft); and (4) up-selling and client addition. Over FY21-24E, we project revenue/EBITDA/EPS CAGRs of +26/30/27%. We initiate coverage on Tanla with a TP of INR 1,600, valuing it at 30x FY24E EPS, supported by its top quartile growth, higher RoE of 44%, excellent cash generation, and net cash of INR 8.5bn (~5% of market cap).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tanla Platforms (Initiating Coverage): Version 2.0. BUY

India

Tanla Platforms Limited develops and markets computer software.  The Company develops software for wireless communications.

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Tanla Platforms (TANS IN)

Tanla Platforms (Initiating Coverage): Version 2.0. BUY

Tanla is expected to grow strongly, based on: (1) continued growth in enterprise messaging volumes; (2) increasing Trubloq platform volumes (higher...

HDFC Securities

Tanla Platforms (Initiating Coverage): Version 2.0. BUY

Tanla is expected to grow strongly, based on: (1) continued growth in enterprise messaging volumes; (2) increasing Trubloq platform volumes (higher...

HDFC Securities

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