Shares of Tata Communications Ltd. fell after its profit declined sequentially, but revenue beat analyst estimates.
The company's net profit fell 26% quarter-on-quarter to Rs 393.8 crore during the September-December quarter, it said in an exchange filing.
However, the company's revenue was up 2.2% at Rs 4,528.3 crore from the previous quarter of the ongoing financial year. As per the analyst estimates pooled by Bloomberg, revenue was pegged at Rs 4,489.7 crore.
Tata Communications Q3 FY23 (Consolidated, QoQ)
Revenues up 2.2% at Rs 4,528.3 crore.
Ebitda down 4.63% at Rs 1,077.3 crore.
Ebitda margin at 23.79% vs 25.5%
Net profit down 26% at Rs 393.8 crore
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Shares dropped 4.12% as of 10:25 a.m., to Rs 1,323.45 apiece. The stock fell as much as 4.46% intraday, the most in over four weeks since Dec. 23, 2022.
Total traded volume stood at 2.5 times its 30-day average.
Out of the eight analysts tracking the company, four maintain a 'buy', three recommend a 'hold', and one suggests 'sell' on the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 3.6%.
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