Thanks for the reply, Anna! Haha, there are definitely a lot of questions to ask in the conference call.
I see Tanla as a ‘Buffett-style’ business, if I may say so—it’s currently facing some industrial headwinds but has strong cash flow and an agile management team. They have a solid moat, at least in the platform side of the business, with offerings like Trubloq, ATP, and Truecaller. I recall from one of the previous calls that they mentioned having the lowest costs among peers in the enterprise segment and that they continue to invest in technology. Even in tough industrial conditions, their market share has risen. As the platform business becomes bigger, eventually their margins will increase, don’t know when though.
Of course, there are some concerns—things keep cropping up. Recently, it’s been the issue with ILD pricing and I hope they are able to diversify to other countries.
Btw, I think that they’ve signed BSNL onto their ATP platform. Just guessing it is with TP, because it mentions “before they reach you” and Mr. Bajpayee retweeted it. BSNL has around 9cr subscribers, which is slightly lesser than the number of customers of HDFC bank.
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