January 19, 2024
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Tata Communications in Q3 reports fastest quarterly growth in 9 years
Tata Communications on Thursday reported its fastest quarterly growth in nine years.
The company reported a quarterly revenue of Rs.5,633 crore in the quarter, backed by strong performance in data revenue. The revenue grew by 24.4 per cent, surpassing the Rs.5,000 crore milestone in the third quarter that ended on December 31.The year-on-year EBITDA grew by 5.3 per cent. EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization.
Revenue from the data services segment, which contributes more than 80% to the total, climbed 28.3% on robust demand in its core connectivity and digital portfolio segments.
“We are pleased to report another quarter of robust growth as data revenue crossed the Rs.4,000 crore mark with digital services contributing 45%, in line with our strategy. Even as we increase our impetus on people and platforms to deliver long-term value, our acquisitions of Oasis, The Switch and Kaleyra have created new avenues for growth and innovation. We remain confident about our medium-term ambitions,”AS Lakshminarayanan, MD and CEO, Tata Communications, said in a statement.
Kaleyra has turned EBITDA positive in the first quarter itself, in line with its ‘Fit to Grow’ strategy.
“We are excited about the medium term as we see multiple levers to maximise value from both our organic and inorganic investments. We continue strongly on the new growth trajectory with robust cash flow generation as the focus,” Kabir Ahmed Shakir, the company’s chief financial officer (CFO), said.
The shares of Tata Communications closed in green at Rs.1775.00, this despite the stock market closing in red on Thursday.
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