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Motilal Oswal Report
Tata Communications Ltd.'s Q3 FY21 revenue/Ebitda was a miss due to lower-than-expected earnings reported in both the data and voice segments – due to seasonality and slower deal conversions.
However, excluding a one-time cost benefit from Q2 FY21, the Ebitda miss stands at 5.9% (versus 9.5% on total Ebitda).
We reduce our revenue/Ebitda estimates for FY21 by 3%/4% and for FY22 by 7%/5% due to lower-than-expected earnings and slower deal conversions.
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