Tata Communications has posted over four-fold growth in net profit at Rs 302.37 crore in the March-ended quarter following an exceptional gain of Rs 346.65 crore from the sale of Tata Teleservices’ shares. The revenue has risen 4.11 per cent to Rs 926.59 crore.
Tata Communications had sold 36.54 million shares in Tata Tele to Japan’s NTT DoCoMo earlier this year. The Japanese telco picked up a 26 per cent stake in Tata Tele through the deal.
The Indian telco’s net profit during the fiscal rose 69.22 per cent to Rs 515.95 crore, while revenue increased 12.77 per cent to Rs 3,922.28 crore.
The company will continue investments in expanding network and services portfolio this year, said N Srinath, managing director and chief executive officer of Tata Communications.
The company has recommended a dividend of Rs 4.50 per share for the financial year.
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