Tata Communications Ltd. on Thursday reported a 3.4% sequential rise in net profit for the April-June quarter, reaching Rs 333 crore, but this missed analysts' estimates.
The analysts tracked by Bloomberg had a consensus estimate of Rs 354.6 crore. Revenue declined by 1% in the three months ended June on a sequential basis to Rs 5,633 crore, compared to Rs Rs 5786.5 crore as estimated by Bloomberg.
Tata Communication Q1 Results (Consolidated, QoQ)
Revenue down 1% at Rs 5,633 crore versus Rs 5,692 crore (Bloomberg estimate: Rs 5786.5 crore)
Ebitda up 6.4% at Rs 1,124 crore versus Rs 1,056 crore (Bloomberg estimate: Rs 443.2 crore)
Margin at 19.9% versus 18.6% (Bloomberg estimate: 7.7%)
Net profit up 3.4% at Rs 333 crore versus Rs 322 crore (Bloomberg estimate: Rs 354.6 crore)
Separately, the board has approved raising of funds up to Rs 2,000 crore through issuance of non-convertible debentures on private placement basis.
Additionally, an investment of Rs 224 crore was approved in the wholly-owned subsidiary Tata Communications UK Ltd. via rights subscription. This investment aims to simplify the group's existing structure by moving the British arm under direct ownership, without altering the ultimate ownership and beneficial economic interest.
Shares of Tata Communications closed 1.14% higher at Rs 1871.95 apiece, compared to 0.78% advance in the benchmark BSE Sensex. The results were announced during market hours.
RECOMMENDED FOR YOU
Pritika Engineering Q2 Results: Net Profit Rises 78% To Rs 1.64 Crore
Nov 08, 2024
Tata Steel Q2 Results: Firm Swings Back To Black With Rs 759-Crore Profit, Beats Estimates
Nov 06, 2024
Amara Raja Q2 Results: Profit, Revenue Rise; Interim Dividend Declared
Nov 04, 2024
Stocks To Watch: RVNL, Biocon, L&T, Jupiter Wagons, Tata Power And More
Oct 31, 2024
POPULAR