Tata Group Stock Falls Over 4% As Q2 Profit Dips 58% YoY, Slips 10% In 3-Months

Shares of mid cap Tata Group stock Tata Communications Ltd recorded a decline of 4.19% intraday to Rs 1701.10 apiece on BSE at 2:10 pm after the company's consolidated profit after tax witnessed a steep decline of 58% YoY to Rs 221.26 crore for the Q2 of financial year 2024. Earlier, Tata Communications declared its profit after tax at Rs 534.26 crore an year ago.

Despite the decline in net profit, Tata Communications announced a surge of 10% on-year in its revenue from operations to Rs 4872.5 crore for the quarter under consideration as against Rs 4430.74 reported last year.
The company's data business helped in pushing the revenue growth of the company that was announced at Rs 3,995 crore, up 14.1%.

"We are pleased to announce a robust 14 per cent year-on-year revenue growth this quarter. Overall, we remain confident of the long-term opportunities and will continue to invest in the product portfolio to strengthen our value proposition to enterprises," said Tata Communications MD and CEO AS Lakshminarayanan.

Tata Communications Stock Outlook & Return: Current market price of Tata Communications share on BSE is Rs 1703.20 per share. Its 52-week high price is Rs 1956.85 per share and 52-week low price is Rs 1157.10 per share, respectively. The company's market capitalisation is Rs 48,541.20 crore. Tata Communications shares fell 1.29% in last 1-week, declined 3% in last 3-months, soared 10% in last 1-year, and gained 6.80% in last 2-years. In last 3-years, Tata Communications jumped 61%.

Tata Communications About: The Company enables the digital transformation of enterprises globally, including 300 of the Fortune 500 - unlocking opportunities for businesses by enabling borderless growth, boosting product innovation and customer experience, improving productivity and efficiency, building agility and managing risk. With its solutions orientated approach, proven managed service capabilities and cutting-edge infrastructure, Tata Communications drives the next level of intelligence powered by cloud, mobility, Internet of Things (IoT), collaboration, security and network services, according to its official website.