Mumbai, India – May 29, 2010: Tata Communications, a leading global provider of a new world of communications, today reported its consolidated financial results under Indian GAAP for the year ended March 31, 2011. Consolidated revenues increased by 8% to Rs 11,932 crores (about USD 2.6 billion) from Rs.11,026 crores (about USD 2.3 billion) in the previous year.
The company’s operating profit (EBITDA) was up 21% at Rs 1,226 crores for 2010-11 as against Rs 1,012 crores for the previous year. The company reported a net loss of Rs 854 crores for 2010-11. The consolidated net loss for the year includes a loss of Rs 551 crores for the company’s effective 49.01% holding in Neotel, South Africa.
The Board of Directors has recommended that 20% dividend be payable this year.
“Over the past few years, we have focused our investments on building and strengthening our global assets, services and capabilities which has impacted profitability. Our focus now is to put the business on a firm path to profitability, driven by growth in our enterprise business, growth in new segments like cloud computing, improved performance at Neotel and a sharp focus on costs,” said Vinod Kumar, MD & CEO, Tata Communications.
During 2010-11, Tata Communications achieved significant milestones such as its partnership with Google to bring on-the-go business connectivity to enterprises in India (InstaOffice) as well as the opening of its state-of-the-art US$180 million data centre, Tata Communications Exchange in Singapore. The company also announced the international launch of InstaCompute, its cloud infrastructure and application services offering. Tata Communications signed a significant international voice sourcing agreement with Videotron, one of Canada’s largest communications companies.
Tata Communications launched several new Telepresence public rooms, was selected by PSA Peugeot Citroen to provide Global Managed Telepresence services and announced various intercarrier partnerships with key Telcos such as Orange Business Services and BT to provide a Global Meeting Exchange (GMX) across Telepresence rooms globally.
Tata Communications received several industry accolades during 2010-11
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Tata Communications Limited (CIN no: L64200MH1986PLC039266) along with its subsidiaries (Tata Communications) is a leading global provider of A New World of Communications™. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.
The Tata Communications global network includes one of the most advanced and largest submarine cable networks and a Tier-1 IP network with connectivity to over 240 countries and territories across 400 PoPs, as well as nearly 1 million square feet of data centre and collocation space worldwide.
Tata Communications’ depth and breadth of reach in emerging markets includes leadership in Indian enterprise data services and leadership in global international voice. Tata Communications Limited is listed on the Bombay Stock Exchange and the National Stock Exchange of India.
Certain words and statements in this release concerning Tata Communications and its prospects, and other statements, including those relating to Tata Communications’ expected financial position, business strategy, the future development of Tata Communications’ operations, and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors, including financial, regulatory and environmental, as well as those relating to industry growth and trend projections, which may cause actual results, performance or achievements of Tata Communications, or industry results, to differ materially from those expressed or implied by such forward-looking statements. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, failure to increase the volume of traffic on Tata Communications’ network; failure to develop new products and services that meet customer demands and generate acceptable margins; failure to successfully complete commercial testing of new technology and information systems to support new products and services, including voice transmission services; failure to stabilize or reduce the rate of price compression on certain of the company’s communications services; failure to integrate strategic acquisitions and changes in government policies or regulations of India and, in particular, changes relating to the administration of Tata Communications’ industry; and, in general, the economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in Tata Communications’ control, include, but are not limited to, those risk factors discussed in Tata Communications Limited’s Annual Reports. The Annual Reports of Tata Communications Limited are available at www.tatacommunications.com. Tata Communications is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements.
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