Tata Communications reports first FY profit for five years

Indian telco Tata Communications has reported a net profit of INR1.01 billion (USD16.9 million) for its fiscal year to 31 March 2014, reversing a net loss of INR6.23 billion in 2012/13 and representing its first consolidated annual net profit for five years. The firm, which was formerly India’s monopoly international telephony operator but now concentrates on the business and corporate voice and data sector, reported annual core business revenues of INR174.51 billion, up 13.9% year-on-year, with the growth attributed to ‘strong demand from global enterprise customers for Ethernet, VPN solutions and a host of managed services’. Results for the fourth quarter were less positive, with net loss widening from INR52 million in 4Q 2013 to INR1.23 billion, though core business revenue did grow 16.4% to INR45.79 billion.