Tata Communications falls 1% on weak Q1 numbers

The share price of Tata Communications Limited fell by 1.5% to Rs 1,593 per share as of 9:16 am on 20 July, with 800,000 shares transferred to NSE. Net profit fell by 30% to Rs.382 million due to higher interest rates and lower foreign exchange gains.
The company’s operating revenue in the first quarter reached Rs 477.1 billion, an increase of 11% compared to Rs 431 billion in the same period last year. The share price of Tata Communications Limited fell by 1.5% to Rs 1,593 per share as of 9:16 am on 20 July, with 800,000 shares transferred to NSE. Net profit fell by 30% to Rs.382 million due to higher interest rates and lower foreign exchange gains. The company’s first quarter operating revenue increased by 11% to Rs 477.1 billion compared to Rs 431 billion in the same period last year. Tata Communications International (TCIPL), a wholly owned subsidiary of Tata Communications, recently entered into a share purchase agreement to acquire the remaining stake in Oasis Smart Sim Europe SAS (OSSE France).
The deal will allow the Company to increase its stake in OSSE France from the current 58.1 per cent to 100 per cent at a cost of Rs 993 billion. Tata Communications acquired a 58.1% majority stake in Oasis in 2020.