Very informative and detailed post. Not going too deep into the tech, it appears that the potential enabled by platforms is the investment case for Tanla. In their AR, Tanla says platform will be more sticky than enterprise. Abt 50% of customers have continued over past 7 years indicating that the enterprise segment does not indeed have too much of a switching cost. Being a large customer, Tanla is forced to serve at lower margins is the best explanation I have. The hope is as new customers come up, they will drop the low margin biz.
The way I interpret the platform teething troubles is that Tanla doing something quite novel. Once it matures, they will be ahead of competition. Atleast this is my charitable view and keeping me invested so far. This is an extremely speculative bet and I acknowledge it as such. The risk is that wisely is a dud or the competitors can offer a better product. The market appears to not be as a charitable as I am.
Market rates this at a 17 PE which pretty much discounts any huge windfall coming out of platforms. It is a bit chilly standing away from the consensus!
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