Mumbai: Tata Communications on Tuesday said it has substantially lowered its net loss to Rs 5.2 crore for the fourth quarter ended March 31, helped by increased operational efficiency and Rs 183 crore gain from asset sale.
Its net loss was Rs 260.9 crore in the same period during the last financial year.
"We have been working on streamlining operations, cost management, which is visible in the results and we expect a strong year ahead of us. During the quarter, we also sold of an asset, which resulted in an exceptional item of Rs 183 crore, which has further helped improve numbers," Tata Communications MD and Group CEO Vinod Kumar told reporters on a conference call.
Revenue from operations in Q4 grew 11.08 percent to Rs 4,400.5 crore, from Rs 3,961.3 crore in January-March 2012.
"We have outpaced our peers and gained market share in almost every market segment and geography that we operate in. This is impressive given the economic and industry conditions that we operated under," Kumar said.
The company has continued to invest in sales and marketing as well as services innovation, which will start yielding results in the year ahead, he said.
During the quarter, Tata Comm registered an actuarial loss of Rs 41 crore on Canada pension fund, along with previous period regulatory payments in the joint venture (UTL Nepal) of Rs 27 crore.
"An unusual magnitude of cable cuts encountered during the quarter had an impact of about Rs 18 crore during the period (under review," he said.
For entire 2012-13 fiscal, the company's net loss narrowed to Rs 623.3 crore, while revenue from operations grew 21.25 percent to Rs 17,213 crore.
First Published: Tuesday, May 28, 2013, 22:33