Tata Communications: Seasonality, Deal Closure Delays Impact Q3 Performance, Says ICICI Direct
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ICICI Direct Report
Tata Communications Ltd. Q3 FY21 revenues were weak sequentially largely due to seasonality and Covid-19 related weakness in deal conversion impacting data revenues growth.
Topline came in at Rs 4223 crore, flattish YoY and down 4% QoQ with data revenues (forming approximately 84% of the revenues) up 3.8% YoY (down 2.6% QoQ).
Consolidated Ebitda came in at Rs 1046 crore, up 37.5% YoY with margin at 24.8% (up 678 basis points YoY) but down 153 bps QoQ as Q2 FY21 one-off gain of Rs 43 crore and there was also an impact of Rs 31 crore, due to timing difference of revenue and cost recognition in voice segment.
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