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Q3FY21 Result update - Tata Communication - ICICI Direct

Posted On: 2021-01-20 22:33:43 (Time Zone: Arizona, USA)

Tata Communication Q3FY21 revenues were weak sequentially largely due to seasonality and COVID related weakness in deal conversion impacting data revenues growth. Topline came in at Rs. 4223 crore, flattish YoY & down 4% QoQ with data revenues (forming ~84% of the revenues) up 3.8% YoY (down 2.6% QoQ). Consolidated EBITDA came in at Rs. 1046 crore, up 37.5% YoY with margin at 24.8% (up 678 bps YoY) but down 153 bps QoQ as Q2FY21 one-off gain of Rs. 43 crore and there was also an impact of Rs. 31 crore, due to timing difference of revenue & cost recognition in Voice segment. The company reported a PAT of Rs. 309 crore, (up 4.3x YoY, down 20% QoQ) with beat owing to lower depreciation and tax rate.

Valuation & Outlook

The company's strategic growth plan, focused approach and structural improvement in data segment margins has driven multiple re-rating, which is visible in the price run up in last 3 quarters. While deal closures delays could have near term weakness in revenues, demand outlook is robust in the medium/long term. With stable performance and improved cash flow generation, deleveraging possibilities (already reduced net debt by Rs. 1204 crore over the last 3 quarters) bode well for the company. Thus, we maintain BUY with a revised SoTP target price of Rs. 1210/share, rolling over our valuations to FY23E.

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Shares of TATA COMMUNICATIONS LTD. was last trading in BSE at Rs.1051.25 as compared to the previous close of Rs. 1129.95. The total number of shares traded during the day was 84581 in over 9040 trades.

The stock hit an intraday high of Rs. 1097 and intraday low of 1040. The net turnover during the day was Rs. 89623997.

Source: Equity Bulls

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