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Tata Communications Net Profit Soars, Revenue Down 23% YoY

Reverse decision on tax demands by the Income Tax Appellate Tribunal has contributed to Tata Communication’s boosted net profits, which registered at Rs 2,818 million for the quarter ended December 2009, almost 27 times more profit than reported for September 2009 and up 242.86 percent YoY. Profit before tax was Rs 10.5 million.

Details: Financials

Revenue Falls 23%, Costs Down

Revenue from enterprise and carrier data contributed Rs 3267.70 million , 42.45 percent of the total revenue for Tata Communications for the quarter. Revenue have decreased 22.98 percent to Rs 7697.5 million for the quarter ended December 2009 from Rs 9994.8 million reported for the same quarter of the previous fiscal. Revenues were up marginally 1.39 percent QoQ.

The company has cut down 29.96 percent and 6.41 percent YoY and QoQ on its network costs respectively. Network cost for the December, 2009 quarter was Rs 3298.2 million.

Earnings per share has risen to Rs 9.89 for the quarter as compared to Rs 0.37 for September 2009 quarter and Rs 2.88 for December 2008 quarter.

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Key Corporate Developments In The Quarter

In October, NDTV tied-up with Tata Communications to broadcast two news channels over the internet using Tata Communications’ LiveBroadcast Service.

Later in the quarter Tata Communications tied up with Middle East telecom operators like Bahrain Internet Exchange in the Kingdom of Bahrain, Nawras of Oman, Quatar Telecom of Quatar, Mobily of the Kingdom of Saudi Arabia and Etisalat of the UAE to construct a new cable system into the Gulf to connect the region to all major business hubs and city centres of the world via Tata’s Global Network.

In recent news, Tata Communications acquired BT Group Plc’s proprietary digital media management platform BT Mosaic.

The company also tied-up with New Zealand based WiFi company Tomizone to increase the number of WiFi hotspots in India.

Related:
Sep09 Results Digest: Reliance Mediaworks (Adlabs), CDIL, Tata Comm & Pyramid Saimira
Tata Communications To Acquire BT’s Digital Media Management Platform Mosaic
Tata Communication Partners Tomizone For Wi-Fi RollOuts

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