ICICI Securities: Tata Communications Keeping Faith On Sales Funnel For Revenue Growth 
Signage for Tata Communications Ltd. is displayed atop of the company’s headquarters in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)  

ICICI Securities: Tata Communications Keeping Faith On Sales Funnel For Revenue Growth 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI Securities Tata Communications Q2FY21 Result Update.pdf


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