Tata Communications Slumps 7 Days Straight

19 Apr 2024 , 02:16 PM

On Friday, April 19, 2024, Tata Communications shares continued to decline for the eighth day in a row. At midday, the stock is down more than 5%, making it the biggest loser among Nifty Midcap stocks.

The last eight days have seen a 14% decline in the stock. The stock has not experienced a longer losing run since October 2023, when it fell steadily from October 11 to October 26.

The March quarter saw the company’s EBITDA% come in at 18.56%. During the final three quarters of the preceding fiscal year, it ranged from 22% to 25.5%.

Earlier this week, the firm released its quarterly results. Its net profit for the March quarter was ₹321.2 Crore, down 1.5% from ₹326 Crore in the same period last year.

Compared to the same time in the previous fiscal year, when revenue from operations was ₹4,568.7 Crore, it climbed by 24.6% to ₹5,691.7 Crore.

Operating-wise, EBITDA increased 2.1% to ₹1,056.3 Crore in the fourth quarter of this fiscal year compared to ₹1,034.3 Crore in the same time last fiscal year. In the reporting quarter, the EBITDA margin was 18.6%, down from 22.6% during the same time in the previous fiscal year.

A final dividend of ₹16.7 per share, with a face value of ₹10 each, was suggested by the company’s board of directors for FY24. Following the conclusion of the meeting, eligible shareholders will receive the dividend, provided that it is authorised by the shareholders at the next annual general meeting.

Consolidated revenue for the company climbed 17.5% to ₹20,969 Crore during the fiscal year. After reaching ₹17,000 Crore, the data revenue increased by 21.9% for the entire year. All of the offerings in the digital portfolio are growing broadly, with an overall improvement of 55.4% for the entire year.

At 12:05 p.m. on April 19, the stock was up 5.16% at ₹1,758.7 per share. The last month saw a 7.84% decline in the stock. But over the last 12 months, it has increased by 47.53%.

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