Mumbai, India, 10 August, 2011 - Tata Communications has reported its consolidated financial results according to Indian GAAP for the quarter ended 30 June, 2011. Gross revenues were at Rs 3,257 crores (USD 728 million) for the quarter ended 30 June 2011 as against Rs 2,885 crores (USD 632 million) reported in the quarter ended 30 June, 2010. Net losses receded by 22% to Rs. 218 crores (USD 49 million) as against Rs. 281 crores (USD 62 million) reported in the corresponding quarter last year.
Operating profits (earnings before interest, taxes and depreciation) grew 25% to Rs 326 crores (USD 73 million) for the quarter ended 30 June, 2011 against Rs 260 crores (USD 57 million) in the corresponding quarter last year.
Growth in revenues was driven by the Global Data Solutions segment and South African subsidiary, Neotel. During the quarter, the company continued its focus on emerging market specialised offerings in network services as well as the higher growth business of managed and cloud services. With Tata Communications’ stake in Neotel increasing from an effective 43.16% to 61.5%, Neotel accounts are now consolidated at 100%. Neotel grew its revenues 31% year-on-year, and reduced its operating loss margins.
In India, Tata Communications has also been focusing on the explosive growth in banking and financial services, providing integrated, managed service for payments and transactions of Banks across multiple platforms. The services include automated teller machine (ATM) management and outsourcing, together with other forms of payment and transaction management services. The company’s subsidiary TCBIL (Tata Communications Banking Infrasolutions Ltd) is currently managing over 5,000 ATMs, 7600 Point of Sale terminals and 114 branches for major PSU, private sector and co-operative banks.
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