Tata Comm Q3 net rises three-fold at Rs 81 cr

Tata Communications today reported a three-fold growth in net profit at Rs 80.95 crore for the third quarter ended December 31, 2008, as compared to Rs 26.71 crore in the corresponding period a year ago.

The revenue from telecommunication services rose 17 per cent to Rs 990.24 crore for the quarter under review, from Rs 846.71 crore in the same period last fiscal.

"The company's performance has continued to be strong despite a challenging business environment. We believe that the current economic situation provides us an opportunity to partner with our customer to help manage their costs and enhance their collaborations," Tata Communications MD and CEO N Srinath said.

For the nine-month period ended December 2008, the company reported a 13.71 per cent dip in net profit at Rs 211.92 crore. The firm had a net profit of Rs 245.60 crore in the same period in FY08.

The revenues rose 16.62 per cent to Rs 2,837.35 crore in the nine month period, from Rs 2,433.06 crore in the same period last fiscal.

Shares of Tata Communications closed at Rs 459.95, up 3.86 per cent on the BSE.