Tata Communications posts net loss of Rs.123.19 crore in March quarter
Tata Communications Ltd on Tuesday posted a consolidated net loss of Rs.123.19 crore for the March quarter compared with a loss of Rs.5.20 crore in the year-ago period.
The company’s revenue rose 18.6% to Rs.5,219.31 crore from Rs.4,400.46 crore a year ago.
The company listed in its BSE filing, “for the quarter and year ended 31 March 2014, a charge amounting to Rs.150 crore representing the impairment of Neotel goodwill, in the consolidated financial statement.”
Vinod Kumar, managing director and chief executive officer, Tata Communications, said, “Tata Communications has delivered a year of strong growth and has strengthened its competitive positioning in the market. Our ongoing focus on execution, talent development and sharpening our value proposition is delivering tangible value. Going forward, we will continue to execute our growth strategy and deliver value to our stakeholders.”
The company also signed an agreement with Turkcell Superonline, strengthening its multiprotocol label switching (MPLS) network, a technology used to speed up network traffic flow and make it easier to manage.
Shares of Tata Communications gained 3.20% to Rs.285.65 on Tuesday while the benchmark Sensex gained 1.36% to close at 23,871.23 points. The company announced the results after the end of trading hours.