Tata Communications stock up 11% following a good Q1 performance

22 Jul 2022 , 09:41 AM

After Tata Communication reported its financial results for the quarter ending June 30, 2022, the company’s shares soared by over 11%.
Its net profit increased by 83.6% from Q1 FY22 to Q1 FY23, reaching Rs544.82 crore (up from Rs296 crore).

Compared to June 2021, the company’s total revenue increased by 10.4% to Rs4,544.51 crore. Meanwhile, year-over-year growth in operating revenues was 5.1%, rising to Rs4,311 crore from Rs4,102.79 crore.

On a year-over-year basis, total expenses grew to Rs3,850 crore at the end of the quarter from Rs3,744.71 crore.

“We accomplished a profitable data revenue rise because of focused execution, portfolio advancements, and deeper customer engagements,” stated A.S. Lakshminarayanan, MD and CEO of Tata Communications.

“We continue to maintain our focus on operational savings and balance sheet hygiene, which is reflected in our profitability and cash flow,” said Kabir Ahmed Shakir, the chief financial officer of Tata Communications. We are glad to see that our financial approach has had a significant impact on the business’ performance.