Shares of Tata Communications jumped back in green on Thursday, ending a six-session losing streak.
What Happened: The Tata Group company posted its earnings for the quarter ended March on Wednesday. Tata Communications’s consolidated net profit for the quarter was at ₹321.2 crore, around 1.5% lower compared to the ₹326 crore posted in the same quarter last year.
The company’s revenue from operations grew 24.6%, reaching ₹5,691.7 crore, up from the ₹4,568.7 crore in the corresponding quarter a year ago. During the January-March period, the company’s EBITDA rose by 2.1% year-on-year to ₹1,056.3 crore. EBITDA margin was at 18.6%.
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Tata Communications also announced a final dividend of ₹16.70 per share for the year ending March 31, 2024. This dividend is subject to approval by the shareholders at the upcoming annual general meeting (AGM) and will be distributed to eligible shareholders after the conclusion of the AGM.
The company also disclosed the re-appointment of A.S. Lakshminarayanan as managing director and CEO for a second term. His term is set to commence from November 26, and will extend till April 13, 2026, pending approval from the shareholders.
Price Action: Tata Communications’ share price was up 1.48% to trade at ₹1,911.70 as the markets opened on Thursday.
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