Shares of Tata Communications declined nearly 3 per cent in early trade after the company reported March Quarter earnings.
At 11:17 hours, Tata Communications was quoting at Rs 1122.30, down 2.34 percent on the BSE. On a year-to-date (YTD) basis, the stock is down around 2 per cent. The stock has given 26 per cent returns over the last six months and risen 177.45 per cent over the last 12 months. The Tata Group firm posted a consolidated net profit of about Rs 299 crore for the quarter ended March 2021 against a loss of Rs 275 crore in the same quarter a year ago.
Consolidated revenue stood at Rs 4,073 crore, down 7.4 per cent year-on-year (YoY). The company informed that the decline is largely due to degrowth in Voice business and Data business.
"Execution on financial fitness is yielding good results and the shifts from products to platforms, deeper customer engagements are a work in progress and we anticipate continued progress on these strategic levers to achieve our goals. Our teams have gone the extra mile in delivering benchmark level Net Promoter Score (NPS) in a difficult year and are committed on execution to deliver on our strategy," said A.S Lakshminarayanan, MD and CEO, Tata Communications.
Meanwhile, ace investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala has also sold 2.5 lakh equity shares in Tata Communications in the quarter ended March 2021. As per the shareholding pattern, Rekha Rakesh Jhunjhunwala held 29,50,687 equity shares or 1.04 per cent stake in the company at the end of the March quarter. She held 32,00,687 equity shares or 1.12 per cent stake in the company at the end of the December quarter of FY21.