Tata Communications on Thursday posted profit for the third quarter of FY24 at Rs 44.81 crore, down 88.6 per cent in comparison to Rs 393.88 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 5,633.26 crore, up 24.4 per cent as against Rs 4,528.34 crore during the third quarter of FY23, backed by strong performance in Data Revenue.
Data Revenue, the company said, came in Rs 4,618 crore, up 28.5 per cent YoY. It added that the Digital Portfolio Revenue grew by 78.2 per cent YoY, contributing ~45 per cent to the Data portfolio. Further, India Enterprise revenue grew strongly, increasing 10.4 per cent YoY.
AS Lakshminarayanan, MD and CEO, Tata Communications, said, “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 per cent, 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.”
Kabir Ahmed Shakir, Chief Financial Officer, Tata Communications, said, “We are extremely encouraged that Kaleyra has turned EBITDA positive in the first quarter itself, in line with our ‘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.”
Tata Communications Q3 performance across segments
In terms of different segments, the company’s voice solutions vertical recorded Q3 revenue at Rs 423.13 crore. Its data services segment posted revenue of Rs 4,631.08 crore, while the payment solutions business brought in a revenue of Rs 40.28 crore. The transformation services segment at Tata Communications recorded revenue of Rs 401.78 crore, real estate at Rs 59.31 crore and campaign registry segment posted Q3 revenue at Rs 126.50 crore.