BUY Tata Comm -Margin improvement heartening… :: ICICI Securities,

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Margin improvement heartening…
• Revenues came in lower than expectations due to a decline in voice
revenues to | 2281.6 crore (down 6.1% YoY) led by a continued fall
in total voice minutes to 12.8 billion minutes from 12.9 billion a
quarter ago. The data segment, however, recorded 11.2% YoY
revenue growth to | 2213.4 crore. It was also lower than
expectations of | 2288.1 crore
• The EBITDA came in at | 758.7 crore, with margins at 15.0%. Though
margins were down ~190 bps YoY due to the presence of new
businesses, the ~102 bps QoQ expansion is a healthy sign
• The company reported a PAT of | 92.4 crore (vs. expectation of a
loss of | 17.0 crore) due to higher other income of | 163.5 crore
arising mainly due to interest on income tax refund

LINK

http://content.icicidirect.com/mailimages/IDirect_TataCommunication_Q2FY15.pdf