Tata Communications has announced its financial results for the quarter and full year ended March 31, 2024. The consolidated revenue for the fiscal year 2023-24 (FY24) increased by 17.5 per cent, coming in at Rs 209.69 billion, and stood at Rs 56.92 billion for the fourth quarter (Q4) of FY24.
The company witnessed healthy growth across core connectivity, digital platforms and services, and incubation services of data business. Data revenue crosses the Rs 170 billion mark, growing by 21.9 per cent on a full-year basis. Meanwhile, digital portfolio witnesses a broad-based growth across all offerings, improving by 55.4 per cent on a full-year basis
Meanwhile, earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 10.56 billion in Q4 FY24, up 2.1 per cent in comparison to Rs 10.34 billion in Q3 FY23. In addition, the company’s EBITDA for FY24 is reported at Rs 42.3 billion, up by 2 per cent from Rs 43.18 billion in FY23. Furthermore, consolidated profit after tax (PAT) stood at Rs 9.68 billion as compared to Rs 17.96 billion in FY23, registering a growth of 46.1 per cent year-over-year (YoY).
Commenting on the results, A.S. Lakshminarayanan, managing director and chief executive officer, Tata Communications, said, “We are pleased to report the significant revenue milestone of Rs 200 billion. We closed FY24 with strong execution and our digital fabric is witnessing increased relevance from enterprise customers. As we enter the next fiscal, our firm focus will remain on integrating our acquisitions, executing our strategies, and driving sustainable and profitable revenue growth.”
Meanwhile, Kabir Ahmed Shakir, chief financial officer, Tata Communications, said, “FY24 was an eventful year as we witnessed our finance strategy in action, enabling us to successfully complete three strategic acquisitions on the back of a strong balance sheet. Our financial performance is in line with our expectations as we continue to capture newer business opportunities and accelerate our growth path. With the right operating levers in place, we are confident of our financial performance indicators returning to their ambition range in the medium term.”
