Tata Communications Q4 net loss widens to Rs 205 crore

Tata Communications Ltd on Saturday reported a widening of its consolidated net loss to Rs.205 crore for the quarter ended March, mainly on account of an impairment of equity in its sister concern Tata Teleservices.

Tata Communications Q4 net loss widens to Rs 205 crore

New Delhi: Tata Communications Ltd on Saturday reported a widening of its consolidated net loss to Rs.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 Rs.178.3 crore in the same period a year ago. “During the quarter and year ended March 2016, the company provided Rs.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% toRs.5,145.41 crore in the reported quarter, as against Rs.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 Rs.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 Rs.211.8 crore, while it posted a net profit of Rs.1.29 crore a year ago. Income from operations for the year increased 3.47% to Rs.20,605.5 crore from Rs.19,913.3 crore in 2014-15. The company announced a dividend ofRs.4.3 per share for 2015-16.

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