India's Tanla Platforms drops most in a month; Q3 profit falls

Tanla Platforms

23/01/2023 04:46

** Shares of cloud communications provider Tanla Platforms
 TNSL.NS  drop as much as 5.7% to 658.40 rupees; posts biggest
intraday pct loss since Dec. 23 
    ** TNSL hits lowest since Dec. 26; if losses hold, shares
set to decline for a third consecutive session     
    ** Co, on Friday after market close, said Dec-qtr
consolidated net profit fell 26% to 1.17 bln rupees ($14.45
million), on higher expenses 
    ** TNSL's EBITDA margin in Q3 fell to 17.4% from 22.9% yr
ago
    ** Rev from operations also fell ~2% to 8.70 bln rupees,
while total expenses climbed 5.4%      
    ** The moving average convergence and divergence (MACD) line
for Tanla fell below the signal line on Monday, suggesting
bearish bias
    ** Over 220,000 shares change hands by 10:01 a.m. IST, about
the same volume as the 30-day moving avg
    ** Stock fell 62% in 2022 after posting three consective
annual gains
($1 = 80.9600 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))