Tata Communications Ltd.'s fourth quarter net profit jumped significantly, meeting analysts' estimates. The company's net profit rose to Rs 321 crore from Rs 45 crore on a sequential basis, according to an exchange filing issued on Wednesday. Analysts tracked by Bloomberg had estimated it at Rs 310 crore.
The company's board also approved a final dividend of Rs 16.7 per share for the financial year ended March 31, 2024. This dividend, upon approval of the shareholders at the ensuing Annual General Meeting (AGM), shall be paid to eligible shareholders after its conclusion.
Further, Tata Telecommunications also approved re-appointment of A.S. Lakshminarayanan as Managing Director and CEO of the company for a second tenure commencing from November 26, 2024 till April 13, 2026, subject to approval of the shareholders and any other as applicable.
Shares of Tata Communications closed 1.3% lower on Tuesday, as compared with a 0.43% decline in the benchmark Nifty 50.
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