Tata Communications on Thursday reported a 1.5% (YoY) drop for the consolidated net profit for the quarter ended March 2024 to Rs 321 crore. Meanwhile, revenue from operations jumped 25% (YoY) to Rs 5,692 crore.
As per the latest financial report submitted to the exchanges, the company\’s EBITDA rose by 2% to Rs 1,056 crore in contrast to the EBIT margin, which declined from 23% to 19%.
The Board of Directors has also recommended a final dividend of Rs 16.70 per share for the financial year ended March 31, 2024, pending shareholder approval.
A S Lakshminarayanan has been re-appointed as the Managing Director and CEO of the company for a second tenure commencing from November 26, 2024, till April 13, 2026.
Also read: Rekha Jhunjhunwala cuts stake in this Tata group stock and 4 others
Tata Communications shares have advanced 51% in the past year and 11% in the past three months. However, on a monthly basis, the stock is trading 4% lower.
Ace investor Rekha Jhunjhunwala also trimmed her stake in Tata group companies, including Tata Communications in the March quarter. She reduced her stake in the company by 0.3% in the quarter gone by, bringing the overall holding to 1.6%.
The stock of Tata Communications closed 1.31% lower at Rs 1,884 on Tuesday.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
