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Tata Communications Reports 13 Percent Increase in Revenue
August 15, 2011 | William Zimmerman
Tata Communications (News - Alert), a leading global provider of a new world of communications, posted a 13 percent increase in consolidated gross revenue of $728 million for the quarter ended 30 June 2011 compared with $632 million in the corresponding quarter in 2010.
The company attributed the growth in revenues to the Global Data Solutions segment and South African subsidiary, Neotel (News - Alert).
Despite a double digit increase in consolidated income, the company's net losses were reduced by 22 percent to $49 million during the first quarter of fiscal 2011-12 from net loss of $62 million in the corresponding quarter last year.
Operating profits of Tata Communications increased 25 percent to $73 million for the first quarter ended 30 June, 2011 from $57 million in the corresponding quarter last year.
Neotel accounts are now consolidated at 100 percent as Tata Communications' stake in Neotel has gone up from 43.16 percent to 61.5 percent. Neotel grew its revenues 31 percent year-on-year, and reduced its operating loss margins, company said in a statement.
During the first quarter, the company strengthened its focus on emerging markets with specialized offerings in network services as well as the higher growth business of managed and cloud services.
Tata Communications focuses on the banking and financial services segment in India, offering integrated, managed service for payments and transactions of banks. Its services include automated teller machine management, outsourcing and other forms of payment and transaction management services.
The company's subsidiary TCBIL (Tata Communications Banking Infrasolutions Ltd) is currently managing over 5,000 ATMs, 7600 Point of Sale terminals and 114 branches for major PSU, private sector and co-operative banks.
Recently, telecom service provider Verizon announced the expansions of its global telepresence reach through agreement with Tata Communications. The agreement enables enterprises to have more virtual face-to-face meeting facilities across both companies' networks.
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Rajani Baburajan is a contributing editor for TMCnet. To read more of Rajani's articles, please visit her columnist page.
Edited by Carrie Schmelkin
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