Sunday, May 19 2024 | Time 20:12 Hrs(IST)
Business Economy

Mumbai, Apr 17 (UNI) Despite over 17 per cent jump in Revenue, Tata Communications’ net profit has come down more than 46 per cent to Rs 968 crore for the fiscal 2023-24 down from Rs 1796 crore in the previous financial year.
According to press statement announcing the financial results, the company said its consolidated revenues for the year jumped by 17.5 per cent at Rs 20,969 crore with data consumption contributing more than Rs 17,000 crore.
The Board recommended a dividend of Rs 16.70 per share for its investors.
Q4 also witnessed marginal decline in net profit at Rs 321 crore during January-March quarter of 2023-24 compared to Rs 326 crore in the same quarter last year.
Commenting on the results, AS Lakshminarayanan, MD and CEO, Tata Communications, said “We are pleased to report the significant revenue milestone of Rs 20,000 crore. We closed FY24 with strong execution and our digital fabric is witnessing increased relevance from enterprise customers.
“As we enter the next fiscal, our firm focus will remain on integrating our acquisitions, executing our strategies, and driving sustainable and profitable revenue growth,” he added.
Digital Portfolio of the company grew more than 55.4 per cent year-on-year basis.
Kabir Ahmed Shakir, Chief Financial Officer, Tata Communications, said “FY24 was an eventful year as we witnessed our finance strategy in action, enabling us to successfully complete three strategic acquisitions on the back of a strong balance sheet. Our financial performance is in line with our expectations as we continue to capture newer business opportunities and accelerate our growth path.”
With the right operating levers in place, the company is confident of its financial performance indicators returning to its ambition range in the medium term, Shakir said.
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