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*Tata Communications Ltd.* | *CMP* Rs. 446 | *M Cap* Rs. 12711 Cr | *52 W H/L* 465/245

(Nirmal Bang Retail Research)

*Result is broadly in-line with expectations*

Revenue from Operations came at Rs. 4228.7 Cr (-1% QoQ, -1% YoY) vs expectation of Rs. 4238.7 Cr, QoQ Rs. 4272.8 Cr, YoY Rs. 4269.5 Cr

EBIDTA came at Rs. 760.8 Cr (-8.7% QoQ, -9.7% YoY) vs expectation of Rs. 767.7 Cr, QoQ Rs. 833.7 Cr, YoY Rs. 842.6 Cr

EBITDA Margin came at 18% vs expectation of 18.1%, QoQ 19.5%, YoY 19.7%

Adj. PAT came at Rs. 58.5 Cr vs expectation of Rs. 40.7 Cr, QoQ Rs. 59.8 Cr, YoY Rs. 173.3 Cr

Quarter EPS is Rs. 2.1

Share is trading at P/E of 48.4x FY20E EPS