Tata Communications announces its Q2 FY24 results, reporting Data business revenues at INR 3,995 crore

2024-11-13 05:31:31 Business

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Mumbai, India ? 19th October 2023 - Tata Communications, a global digital ecosystem enabler, today announces its financial results for the quarter ended 30th September 2023. The Data business grows to INR 3,995 Crores in Q2 FY24, registering a growth of 14.4% YoY.

Highlights|Q2 FY24

Consolidated financial highlights
? Consolidated revenue stood at INR 4,872 crore (USD 589.5 Mn); increasing +10% YoY.
? Consolidated EBITDA came in at INR 1,015 crore (USD 122.8 Mn); margins at 20.8%; Underlying EBITDA Margins at 21.7%.
? Consolidated PAT at INR 221 Crores (USD 26.6 Mn).
? Cash CAPEX for this quarter stood at USD 71 Mn.

Data Services Portfolio
? Data business revenues came in at INR 3,995 crore (USD 483.3 Mn), recording an increase of + 14.4% YoY; Underlying Data Revenue growth came in at + 10% YoY.
? Data EBITDA stood at INR 913 crore (USD 110.4 Mn), down 9.3% YoY because of organic and inorganic investments.
? The Core Connectivity business reported + 6.9% YoY growth in revenue.
? Digital Portfolio delivered robust growth of + 30.2% YoY driven by growth across the Cloud and Next Gen Connectivity segments and integration of The Switch.

Commenting on the results, A.S. Lakshminarayanan, MD and CEO, Tata Communications, said, ?We are pleased to announce a robust 14% YoY revenue growth this quarter. With the fast-tracked integration of The Switch, we are witnessing synergies being realised. Besides this, we are happy to announce the accelerated closure of the Kaleyra Inc. transaction which will enable us to create a new digital platform category - Customer Interaction Suite - in line with our ambitions. Overall, we remain confident of the long-term opportunities and will continue to invest in the product portfolio to strengthen our value proposition to enterprises.?

Kabir Ahmed Shakir, Chief Financial Officer, Tata Communications said, ?Our planned investments in the organic and inorganic opportunities are in line with our ?Fit to Grow? Strategy. Our focus now is on relentless execution of these investments to accelerate the value creation process."

About Tata Communications

A part of the Tata Group, Tata Communications (NSE: TATACOMM; BSE: 500483) is a global digital ecosystem enabler powering today?s fast-growing digital economy in more than 190 countries and territories. Leading with trust, it enables digital transformation of enterprises globally with collaboration and connected solutions, core and next gen connectivity, cloud hosting and security solutions and media services. 300 of the Fortune 500 companies are its customers and the company connects businesses to 100% of the world?s cloud giants.