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Tata Comm Q1 profit grows 15% to Rs 296 crore

Source: PTI

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New Delhi, Aug 4: Tata Communications on Wednesday posted about 15 per cent jump in consolidated profit at Rs 296.11 crore in the quarter ended June 2021.

The company had a profit of Rs 257.8 crore in the same quarter a year ago.

“In a challenging quarter impacted by the second wave of COVID-19, we have delivered a robust performance. The global markets are slowly opening up and we are witnessing greenshoots of demand recovery,” Tata Communications Managing Director and CEO A S Lakshminarayanan said in a statement.

The consolidated revenue of Tata Communications declined by about 7 per cent to Rs 4,103 crore during the reported quarter as compared to Rs 4,403 crore in the corresponding quarter of 2020-21.

Data business revenue declined by 2.2 per cent on a year-on-year (y-o-y) basis to Rs 3,104 crore.

“Data business continues to be affected by Covid related slowdown. Enterprise decisions have been slow due to macroeconomic headwinds leading to longer lead time for deal wins. Service delivery was affected by lockdowns during the second wave of COVID-19 pandemic,” the statement said.

Digital platforms and services business of Tata Communications were affected by moderation of collaboration traffic which was at its peak in the same quarter a year ago.

Revenue in the segment fell by 12.8 per cent on a y-o-y basis.

“There are early signs of recovery and an uptake of usage based services in geographies where economies have opened,” the statement said.

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