Shares of Tata Communications Ltd. fell after its profit declined sequentially, but revenue beat analyst estimates.
The company's net profit fell 26% quarter-on-quarter to Rs 393.8 crore during the September-December quarter, it said in an exchange filing.
However, the company's revenue was up 2.2% at Rs 4,528.3 crore from the previous quarter of the ongoing financial year. As per the analyst estimates pooled by Bloomberg, revenue was pegged at Rs 4,489.7 crore.
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Tata Communications Q3 FY23 (Consolidated, QoQ)
Revenues up 2.2% at Rs 4,528.3 crore.
Ebitda down 4.63% at Rs 1,077.3 crore.
Ebitda margin at 23.79% vs 25.5%
Net profit down 26% at Rs 393.8 crore
Shares dropped 4.12% as of 10:25 a.m., to Rs 1,323.45 apiece. The stock fell as much as 4.46% intraday, the most in over four weeks since Dec. 23, 2022.
Total traded volume stood at 2.5 times its 30-day average.
Out of the eight analysts tracking the company, four maintain a 'buy', three recommend a 'hold', and one suggests 'sell' on the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 3.6%.
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