Tanla Platforms drops nearly 5% on announcement to end partnership with Vodafone Idea from November
Tanla Platforms entered into a partnership with Vodafone Idea in November 2021 to provide platform and firewall services for International A2P services. The contract between the two companies was valid for 2 years initially.
Multinational cloud communications company Tanla Platforms has informed bourses that it will be ending its partnership with telecom major Vodafone Idea in November. Reacting to the announcement, company’s shares dropped nearly 5 per cent on Monday.
Shares of Tanla Platforms were trading at Rs 1046.40 apiece, down 4.89 per cent, on BSE at 12:35 PM.
Tanla Platforms-Vodafone Idea partnership
Tanla Platforms entered into a partnership with Vodafone Idea in November 2021 to provide platform and firewall services for International A2P services. The contract between the two companies was valid for 2 years and not set to continue beyond the initial two years. The company added that it believed the end of the contract is estimated to have an impact of Rs 17 crore on revenue and Rs 9 crore on profit after tax on a quarterly basis post-November 2023.
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According to Zee Business Research, the company’s revenue could be impacted by 2 per cent and net profit by 8 per cent annually after the deal comes to end in November.
The announcement came just hours after the communications platform service provider Route Mobile informed bourses that the company signed an exclusive partnership with Vodafone Idea to provide A2P SMS monetisation solutions.
“Route Mobile will provide comprehensive A2P monetization solutions to VIL by deploying its Artificial Intelligence/Machine Learning (AI/ML) driven analytical firewall solution, an SMS Hub on the VIL network, and aggregating international A2P SMS traffic on the VIL network," the company stated in a press release.
Shares of Tanla Platforms have been bleeding over the past month, having shed over 17 per cent of their value in the past month-long period. Over the past week-long period, Tanla Platforms shares have dropped nearly 6 per cent. The company reported revenue of Rs 911 crore in the quarter ending in June 2023, with profit standing at Rs 135 crore for the same period.