Tata Communications Q4 net loss widens to Rs205 crore
Tata Communications had registered a net loss of Rs178.3 crore in the year-ago period; income from operations up 6.8% at Rs5,145.41 crore
Premium
New Delhi: Tata Communications Ltd on Saturday reported a widening of its consolidated net loss to ₹ 205 crore for the quarter ended March, mainly on account of an impairment of equity in its sister concern Tata Teleservices.
The company had registered a net loss of ₹ 178.3 crore in the same period a year ago. “During the quarter and year ended March 2016, the company provided ₹ 25,152 lakh as diminution in value, other than temporary, in its long-term investments in Tata Teleservices," Tata Communications said in its financial report.
However, income from operations increased 6.8% to ₹ 5,145.41 crore in the reported quarter, as against ₹ 4,815.52 crore in the corresponding quarter of 2014-15.
During the quarter, Singapore Technologies Telemedia agreed to acquire a 74% stake in Tata Communications’ data centre business in India and Singapore for about ₹ 3,150 crore. The deal includes Tata Communications’ 14 data centres across India and three facilities in Singapore.
For full fiscal year ended March 2016, the company reported a consolidated loss of ₹ 211.8 crore, while it posted a net profit of ₹ 1.29 crore a year ago. Income from operations for the year increased 3.47% to ₹ 20,605.5 crore from ₹ 19,913.3 crore in 2014-15. The company announced a dividend of ₹ 4.3 per share for 2015-16.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
