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ICICI Securities Report
Tata Communications Ltd.'s Q2 FY22 data business revenue dipped year-on-year on various reasons, but company has given comfort on reaching double-digit growth with a sustained RoCE of 25-30%.
It has seen double-digit orderbook growth (a significant improvement), and decrease in churn from price erosion and termination.
It aspires for price hike (network services) to support investment into infrastructure versus the general norm of price reduction.
Tata Communications is in a sweet spot with corporates looking to significantly invest in upgrading their networks, and adoption of next-gen connectivity.
TCom's ability to provide digital services only add to TAM.
We remain positive on the telecom enterprise opportunity, and TCom is the best pure-play in this business.
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