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ICICI Securities Report
Tata Communications Ltd.’s Q2 FY21 Ebitda (excluding real estate revenues) came in at Rs 11 billion (our estimate Rs 10 billion), up 41% YoY.
It benefited from higher Ebitda margins in traditional services (approximately 44.7%) and in growth services.
Global data services revenue growth was muted at 7.2% YoY (1.1% QoQ); however, management has been confident (mentioned it multiple times on call) of strong delivery in revenue growth based on strong sales funnel, which continues to grow.
Management however cautioned on back-ended costs and unsustainable margins.
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