Tata Comm Q4 net loss widens to Rs 205 crore

For year ended March 2016, it reported a loss of Rs 211.8 cr while it posted a net profit of Rs 1.29 cr a year ago

Tata Communications today reported widening of its consolidated net loss to Rs 205 crore for the fourth quarter ended March, mainly on account of impairment of equity in its sister concern Tata Teleservices.

The company had registered a net loss of Rs 178.3 crore in the same period a year ago.

"During the quarter and year ended March 2016, the company provided Rs 25,152 lakh as diminution in value, other than temporary, in its long-term investments in Tata Teleservices," Tata Communications said in its financial report.

However, income from operations of Tata Communications increased by 6.8% to Rs 5,145.41 crore in the reported quarter compared with Rs 4,815.52 crore in the same quarter of 2014-15.

During the quarter, Singapore Technologies Telemedia agreed to acquire a 74% stake in Tata Communications' data centre business in India and Singapore for about Rs 3,150 crore. The deal includes Tata Communications' 14 data centres across India and three facilities in Singapore.

For the year ended March 2016, the company reported a consolidated loss of Rs 211.8 crore while it posted a net profit of Rs 1.29 crore a year ago.

The annual income from operations of the company at the end of 2015-16 increased by 3.47% to Rs 20,605.5 crore, from Rs 19,913.3 crore at the end of 2014-15.

The company announced a dividend of Rs 4.3 per share for 2015-16.