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Below are Views On Tata Communications Result Q3FY21 By Mr. Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

For Q3 FY21, Tata Communications Consolidated Gross Revenues were at Rs. 4,223 crores, flat YoY, slightly below our expectation. Growth in data business compensated for decrease in Voice business. Consolidated EBITDA was Rs 1,046 crores, up 37.5% YoY, on the back of robust growth and margin expansion in data business and cost optimisation initiatives, resulting in an EBITDA margin of 24.8%. Consolidated PAT was Rs 309 crore (USD 42 Mn) as compared to a profit of Rs 59 crore in Q3 FY20, growth of +428% YoY, was above our expectation. Overall, the number was in line with our expectation. Net Debt has come down on the back of strong free cash flow generation. Net Debt to EBITDA was at 1.9x as compared to 2.9x for the same quarter last year. CAPEX for this quarter was Rs 339 crore as compared to Rs 490 crore in Q3 FY20.

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