Tata Communications Q1 net profit falls 30% to Rs 382 crore

Tata Communications on Wednesday posted a 29.8 per cent fall in consolidated net profit at Rs 382 crore in the June quarter, hit by higher interest costs and lower forex gains. The consolidated revenue rose 10.7 per cent year-on-year to Rs 4,711 crore.

The data business revenue stood at Rs 3,912 crore, an increase of 17.1 per cent over the same period previous year. In the first quarter of the current fiscal, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) from data business stood at Rs 929 crore, down 4.2 per cent year on year largely “due to inorganic costs coming in this quarter”, the company said in a statement.

“We have had a pivotal first quarter in FY24 delivering a very strong revenue growth in our data business and the digital portfolio, closing The Switch deal and announcing the Kaleyra acquisition,” Tata Communications MD and CEO A S Lakshminarayanan said. He also said the company is on track with the execution of its strategy and the strengthening of portfolio will increase the relevance quotient with enterprise customers. PTI