Tata Communications reported a net loss of Rs 260.81 crore from total operations for the quarter ended March 31, 2016 but it posted Rs 1,235.46 crore of net profit for the entire financial year of 2016-17. The company posted Rs 256.95 crore loss in the fourth quarter of the last financial year. Also Read - Budget 2018: Here is what the tech sector and startups are expecting from Government of IndiaAlso Read - Tech spending in India to grow by 12% in 2018
Quarterly revenue and EBITDA — Earnings before interest, tax, depreciation and amortization growth were impacted by the exclusion of the India and Singapore data centre revenue, demonetisation impact and one-off expenses due to cable repair, employee related expenses and legal and professional fees, it said in a statement.
It also added that contribution from an exceptional one-time gain from the stake sale of the data centres (India and Singapore) was Rs 2,411 crore, offset by the impairment of Rs 637 crore across various investments. Commenting on the results, company’s MD and CEO Vinod Kumar said: “Market demand for our services remain strong and we continue to increase our wallet share with large global enterprises. The conclusion of the Data Center and Neotel deals makes us stronger. ALSO READ: Tata Communications to invest $300 million for expansion of network, platform, software
The conclusion of the Data Center and Neotel deals makes us stronger, more agile. This will help drive focus and momentum into our evolution from a traditional telco to a next generation digital enablement provider.