ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

Tata Comm incurs loss of Rs 250 cr in July-September

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Tata Communications today registered consolidated loss of Rs 250 crore in the September quarter of 2017-18, chiefly because of its investment in sister concern Tata Teleservices.

The company had posted profit of Rs 39.96 crore in the same period a year ago.

Consolidated revenue declined 7.31 per cent to Rs 4,218 crore in the reported quarter, from Rs 4,509 crore in the previous fiscal.

Data business posted a revenue growth of 2.2 per cent, 'growth services' 40.5 per cent and traditional services 1.7 per cent year-on-year.

"PAT (profit after tax) recorded negative at Rs 250 crore on account of additional provision of Rs 186 crore as per the contractual obligation to Tata Sons on the Tata Teleservices investment and due to other one-time exceptional provisions of Rs 27 crore," Tata Communications said in a statement.

The company, in the results note, said it has invested in Tata Teleservices (TTSL), which is recognised at fair value through other comprehensive income.

"Based on the recent developments in TTSL, the company has recognised a loss of Rs 51,553 lakh in other comprehensive income for the quarter ended September 30, 2017," the note said.

Tata Sons has agreed to sell TTSL, which was reeling under debt of about Rs 40,000 crore, to Bharti Airtel.

The companies said the deal is on a no-debt, no-cash basis, implying Airtel is not taking over any of the about Rs 40,000 crore debt with Tata Teleservices and is neither paying any cash. Even 70-80 per cent of the Rs 9,000-10,000 crore deferred payments for spectrum that TTSL holds will be paid by the Tatas.

On the performance of the company, Tata Communications MD and CEO Vinod Kumar said: "Our portfolio continues to transform in line with our strategic intent to grow our digital infrastructure services. In addition to the accelerating performance of growth services, we are buoyed by the market response to our new cyber-security and IoT services. We continue to invest in our internal digitalisation programme to enhance future productivity and customer experience."

Stock of Tata Communications closed at Rs 712.05, down 2.41 per cent from its previous close, on the BSE today.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Wed, Oct 25, 2017
07:59 pm
PTI
RELATED NEWS
RBI to hike repo rate by 25 bps in February, ending tightening cycle: Reuters poll RBI to hike repo rate by 25 bps in February, ending tightening cycle: Reuters poll
Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis
Budget 2023: Why budget's printing was shifted to North Block from Rashtrapati Bhavan? Budget 2023: Why budget's printing was shifted to North Block from Rashtrapati Bhavan?
Govt to sell 30 lakh tonnes of wheat in open market till March to control prices of wheat, atta Govt to sell 30 lakh tonnes of wheat in open market till March to control prices of wheat, atta
India’s economic fortunes critical for global growth, its rise being welcomed by world: Kumar Mangalam Birla India’s economic fortunes critical for global growth, its rise being welcomed by world: Kumar Mangalam Birla

LATEST NEWS

DIVIDEND STOCK: Tide, Pampers maker announces 800% dividend - check ex date, record date and payment date

India Cements Q3 result: Subsidiary sale boosts net profit to Rs 133 crore

India Vs Australia Schedule 2023: Ind v Aus Test match dates, venue, time table, squads, Live streaming, when and where to watch, other details

New Vande Bharat Express train in Maharashtra - Check route | Indian Railways

Sanjiv Bhasin strategy, stocks today: Buy Titan and Reliance Industries shares - check price targets

Buy BEL shares, price target Rs 125: ICICI Securities

Filmmaker Kasinadhuni Viswanath dies at 92

Paytm shares under pressure ahead of Q3 results — what should investors do?

OPPO Reno8 T 5G with curved screen, 108MP camera launched at Rs 29,999 - Check discounts, exchange offers and other details

No immediate impact on Adani entities' ratings following 'short-seller' report: Fitch Ratings

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV