On July 20, Tata Communications Limited’s shares fell 1.5% at Rs 1,593 per share at 9:16 am, with 8 lakh shares changing hands on NSE. The business’s net profit nosedived 30% to Rs 382 crore on advanced interest costs and lower forex gains.

The company’s revenue from operations augmented 11%, reaching Rs 4,771 crore in Q1 versus Rs 4,310 crore in the preceding fiscal year.

However, the June quarter’s EBITDA (earnings before interest, tax, depreciation, and amortization) fell by 5% to Rs 1,024 crore. The EBITDA margins were reduced by 352 basis points, amounting to 21.5%.

The MD and CEO of A S Tata Communications, Lakshminarayanan, mentioned the pivotal Q1FY24, delivering robust revenue growth in our data business and the digital portfolio, closing The Switch deal, and proclaiming the Kaleyra acquisition. He also said the company aligns with the execution of its strategy, and consolidating its portfolio will upsurge the relevance quotient with enterprise customers.

Recently, Tata Communications International (TCIPL), a wholly-owned subsidiary, entered into a share purchase agreement to obtain the outstanding equity ownership of Oasis Smart Sim Europe SAS (OSSE France).

Through this, the company will raise its equity shareholding in OSSE France from its current ownership of 58.1% to 100% at Rs 99.3 crore. Tata Communications acquired a majority equity stake of 58.1% in Oasis in 2020.