The company said that the rise in revenue was mainly driven by increased volumes in its domestic business and faster growth in OTT channel.

Platform revenue grew by 23% YoY to Rs 68 crore, led by Trubloq. Enterprise revenue grew by 28% YoY to Rs 732.1 crore, led by increased volumes in existing customers, increase in product penetration and new customer additions.

Revenue from new customers grew by 10% YoY to Rs 3.1 crore. Contribution from customers with greater than Rs 1 crore annual revenue increased to Rs 777.2 crore in Q1 FY23, a YoY growth of 28%.

The company's profit before tax declined 3% to Rs 125.58 crore in Q1 FY23 as compared to Rs 129.52 crore posted in the corresponding quarter previous year.

Consolidated EBITDA declined by 2.83% YoY to Rs 130.7 crore in Q1 FY23. EBITDA margin stood at 16.3% in Q1 FY23 as against 16.4% in Q1 FY22. EBITDA margin was impacted by operational headwinds such as market disruption, modernization of the company's legacy systems and foreign currency impact of Euro depreciation.

The company's free cash flow was at Rs 71.8 crore and cash & cash equivalents stood at Rs 987.3 crore in Q1 FY23.

Uday Reddy, founder chairman & CEO of Tanla Platforms said, "We are progressing well on our one platform strategy-Wisely. Q1 had some operational headwinds in the Enterprise business, but we have our building blocks in place to accelerate our momentum in the coming quarters. We have a strong balance sheet and are excited by the opportunities ahead of us."

Tanla Platforms, one of the world's largest CPaaS players, processes more than 800 billion interactions annually and about 63% of India's A2P SMS traffic is processed through its distributed ledger platform.

Shares of Tanla Platforms hit a 52 week low of Rs 731 on the BSE today.