BSE: 500483 | NSE: TATACOMM | Telecommunication - Service Provider | Mid Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Tata Communications Ltd is a good quality company.
The key valuation ratios of Tata Communications Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Tata Communications Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 8.1% | 6.4% | -1.3% | 3.9% | 7.7% | 6.4% | 20.8% | 25% | 27.9% | 17.3% | - |
| Value Creation Index ⓘ | -0.4 | -0.5 | -1.1 | -0.7 | NA | NA | 0.9 | 1.2 | 1.5 | 0.5 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 19,913 | 18,149 | 17,620 | 16,772 | 16,525 | 17,068 | 17,100 | 16,725 | 17,838 | 20,969 | 22,890 |
| Sales YoY Gr. | - | -8.9% | -2.9% | -4.8% | -1.5% | 3.3% | 0.2% | -2.2% | 6.7% | 17.6% | - |
| Adj EPS ⓘ | -5.2 | 10.5 | -0.6 | -0.7 | -2.4 | -1.6 | 46 | 51.4 | 60 | 39.6 | 39.2 |
| YoY Gr. | - | NA | -105.2% | NA | NA | NA | NA | 11.7% | 16.7% | -34% | - |
| BVPS (₹) ⓘ | 11.3 | -12.8 | 55.9 | 17.5 | -6.4 | -44.9 | 4.1 | 32.6 | 53.3 | 62.5 | 71 |
| Adj Net Profit ⓘ | -149 | 299 | -15.7 | -20.9 | -66.9 | -46 | 1,312 | 1,465 | 1,710 | 1,128 | 1,117 |
| Cash Flow from Ops. ⓘ | 3,028 | 2,363 | 2,394 | 1,713 | 1,844 | 2,525 | 3,180 | 4,204 | 4,384 | 3,182 | - |
| Debt/CF from Ops. ⓘ | 4.3 | 6 | 3.9 | 5.2 | 5.4 | 4.3 | 3.1 | 1.9 | 1.7 | 3.2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 0.6% | 4.9% | 7% | 17.6% | ||||
| Adj EPS ⓘ | NA | NA | -4.9% | -34% | ||||
| BVPSⓘ | 21% | NA | 149% | 17.4% | ||||
| Share Price | 14.3% | 46.9% | 12.1% | -16.3% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -26.5 | -1428.6 | -2.6 | -2 | -42.1 | 6.3 | -225.6 | 280.9 | 139.8 | 68.3 | 58.7 |
| Op. Profit Mgn % ⓘ | 15 | 11.6 | 13.7 | 14.4 | 16.6 | 19.3 | 24.9 | 25.2 | 24 | 20.2 | 19.6 |
| Net Profit Mgn % ⓘ | -0.7 | 1.7 | -0.1 | -0 | 0.5 | -0.3 | 7.7 | 8.7 | 9.4 | 5.3 | 4.9 |
| Debt to Equity ⓘ | 40.7 | -39.2 | 5.8 | 17.9 | -54.6 | -8.4 | 86.3 | 8.5 | 5 | 5.7 | - |
| Working Cap Days ⓘ | 211 | 173 | 122 | 125 | 127 | 129 | 127 | 119 | 107 | 102 | 51 |
| Cash Conv. Cycle ⓘ | -33 | -28 | -26 | -27 | -26 | -26 | -29 | -26 | -22 | -13 | -47 |
Debt to equity has declined versus last 3 years average to 5.68
Sales growth is good in last 4 quarters at 16.20%
Return on Equity has declined versus last 3 years average to 58.70%
Sales growth has been subdued in last 3 years 7.03%
Net Profit has been subdued in last 3 years -4.92%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 18.5 | 39.2 |
| TTM Sales (₹ Cr.) | 7,421 | 22,890 |
| BVPS (₹.) ⓘ | 342.7 | 71 |
| Reserves (₹ Cr.) ⓘ | 9,483 | 1,737 |
| P/BV ⓘ | 4.70 | 22.68 |
| PE ⓘ | 86.92 | 41.06 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 1293.00 / 2175.00 |
| All Time Low / High (₹) | 68.00 / 2175.00 |
| Market Cap (₹ Cr.) | 45,869 |
| Equity (₹ Cr.) | 285 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 45 |
| Mar'24 | YoY Gr. Rt. % | Jun'24 | YoY Gr. Rt. % | Sep'24 | YoY Gr. Rt. % | Dec'24 | YoY Gr. Rt. % | |
|---|---|---|---|---|---|---|---|---|
| Sales (₹ Cr.)ⓘ | 5,692 | 24.6 | 5,633 | 18.1 | 5,767 | 18.4 | 5,798 | 3.8 |
| Adj EPS (₹) ⓘ | 12.6 | 9.7 | 9.6 | -28.3 | 6.9 | -10.6 | 9.4 | 28.4 |
| Op. Profit Mgn % ⓘ | 18.56 | -408 bps | 19.96 | -150 bps | 19.37 | -147 bps | 20.37 | -27 bps |
| Net Profit Mgn % ⓘ | 6.19 | -76 bps | 4.79 | -300 bps | 3.35 | -117 bps | 4.40 | 76 bps |
| Pledged * | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 3.14 | 0.00 | 0.00 | 0.00 | 0.00 |
|
Particulars |
Q1FY24 |
YoY Trend |
Comment |
|
Revenue |
4,771 |
10.7% |
Data Revenue continued to grow double digit with underlying revenues growing 14.2% YoY. |
|
EBITDA |
1,024 |
-5% |
|
|
EBITDA Margin |
21.5% |
-350 bps |
Negatively impacted by Switch acquisition related costs |
|
PAT |
373 |
-30.25% |
Higher interest cost led to further decline in PAT |
Margin was a miss against targeted range of 23-25%, however 37.5% growth in digital portfolio was a big positive.
In the fourth quarter of FY23, Tata Communications witnessed a decline in EBITDA by 1.1%, dropping to Rs 1,034 Cr from Rs 1,045 Cr in Q4 FY 2022. However, the revenue from operations for the full year grew by 7% and stood at Rs 17,838 Cr. Operating margins declined to 23% in the quarter while the full year margins at 24%.
Stable results with margins within the guided range while growth came as positive amid sector slowdown risks.
We have recently included this company in our coverage. Click to read detailed Coverage Note
About the Company:
Tata Communications (TComm) provides services for internet and cloud connectivity, digital platforms, and incubation for service providers. Their core connectivity services provide reliable and scalable connections to customers across the world. It carries 30% of global internet route, connects 4 of 5 global mobile subscriber and it is a number 1 wholesale voice provider. They also offer collaboration and communication solutions for enterprises and communication service providers.
TComm is termed as being a ‘Leader’ in Gartner Magic Quadrant for Network Services for 10 consecutive years on completeness of vision and ability to execute. TComm’s lead clients include HP, Devyani International, Dabur, HCL, Federal Bank. Etc. India accounts for 43% of its revenues while US/EU/APAC & ME account for 27%/13%/10%/6% respectively.
Business Segments:
Data:
1. Core Connectivity(53% of total revenue):
Tata Communications' Core Connectivity segment provides the fundamental building blocks of a customer's network architecture. Their service portfolio covers more than 100 countries and serves all types of customers, including OTTs/CASP, service providers, and enterprises.
TComm control Point-to-point and multi-point core networking services including WAN Ethernet, Global VPN and International private lines spanning over 100 countries. On the Internet, Tata Communications is a majorTier-1 IP provider, consistently ranked in the top five telecommunications companies in five continents, by internet route.
2. Digital Platform: (22% of total revenue):
Tata Communications' Digital Platforms and Services segment offers digital solutions to meet the growing demands of customers who seek digital transformation. Their portfolio includes unified communications and collaboration solutions for enterprises and communication service providers.
It is currently working with Star to bring out IPL in India. Leveraging their core capabilities of voice calling, SIP trunking, conferencing (voice, data, web, video), and cloud-basedContact Center as a Service ('InstaCC'), Tata Communications helps businesses adopt cloud strategies and digital transformation.
3. Incubation Portfolio:(3% of total revenue): Tata Communications' Incubation segment is a collection of advanced technologies that they create, along with insights into industry trends. They offer IoT and mobility solutions and they provide seamless cross-border connectivity to offer international services that are efficient and effective.
Voice: (12% of total revenue) is the traditional Voice connectivity business which is declining as the world is moving towards communication via Internet. Voice market size is expected to decline to $9bn by 2024 from $11bn in 2020 at CAGR of 5.9%
Industry Overview:
The concept of ‘digital ecosystem’ is fast evolving. Digital ecosystems are fundamentally changing how businesses collaborate and compete. Many of the world’s largest companies are part of vast digital ecosystems that are disrupting not just their industries but broad components of the economy.
Hyper-connectivity enabled by technology has been the bedrock for people, businesses and governments in managing the Covid-19 crisis. The number of IoT is expected to reach 25 billion by 2025, as per GSMA Intelligence.
Next generation connectivity market size relevant for the company is expected to grow to $18bn by 2024 from $11bn in 2020 at CAGR of 14.5%
Cloud, Hosting, Security & SDWAN market size relevant for the company is expected to grow to $30bn by 2024 from $15.4bn in 2020 at CAGR of 18.4%
Risks:
Slower than expected execution in Digital services shall delay the scale-up of revenues from growth and innovation services and thus would cap margins to lower levels than anticipated.
Business Performance:
Tata Communications data revenue grew 2.9% quarter-on-quarter and 11.1% year-on-year in Q3FY23, indicating a sustained growth momentum even in a seasonally weak quarter. The growth was primarily driven by a healthy 17.2% YoY increase in digital services revenue, which was boosted by the recovery in Collaboration & CPaaS services.
The company's order book and sales funnel remain strong, with a favourable tilt towards digital services. TComm expects further acceleration in growth with the expansion of its international markets and an improvement in win-rates.
The recent acquisition of Switch TV, a live video production company (~80 million dollars of revenue last year) will help drive the company's US regional sport production and distribution business and strengthen its position in the global sport market.
While cost inflation has affected the company's profitability in the short term, Management expects to see a rise in revenue growth momentum as investments yield benefits, with the peak of inflation now behind them.
Click here to check 10 Yr Financial X-Ray
Increasing Dominance of Data Business in Revenue mix:
Data revenues getting dominated by Digital Platform & services business:
| Company Name | CMP(₹) | |||||||
|---|---|---|---|---|---|---|---|---|
| Tata Communications | 1,609.5 | 4.8 (0.3%) | Mid Cap | 20,969 | 39.2 | 5.3 | 40.9 | 22.6 |
| Bharti Hexacom Ltd. | 1,335.4 | 9.9 (0.7%) | Mid Cap | 7,089 | 25 | 9.7 | 53.1 | 12.1 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 19,913 | 18,149 | 17,620 | 16,772 | 16,525 | 17,068 | 17,100 | 16,725 | 17,838 | 20,969 |
| Operating Expenses ⓘ | 16,952 | 16,059 | 15,232 | 14,425 | 13,812 | 13,805 | 12,898 | 12,509 | 13,563 | 16,740 |
| Manufacturing Costs | 12,029 | 10,991 | 10,397 | 9,459 | 8,773 | 8,963 | 8,491 | 8,225 | 8,536 | 10,505 |
| Material Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Employee Cost | 2,809 | 2,740 | 2,839 | 2,978 | 2,960 | 3,039 | 3,049 | 3,040 | 3,597 | 4,453 |
| Other Costs ⓘ | 2,114 | 2,329 | 1,996 | 1,988 | 2,080 | 1,803 | 1,358 | 1,243 | 1,429 | 1,783 |
| Operating Profit ⓘ | 2,961 | 2,089 | 2,388 | 2,347 | 2,713 | 3,263 | 4,202 | 4,216 | 4,276 | 4,229 |
| Operating Profit Margin (%) | 14.9% | 11.5% | 13.6% | 14.0% | 16.4% | 19.1% | 24.6% | 25.2% | 24.0% | 20.2% |
| Other Income ⓘ | 429 | 749 | 378 | 325 | 92 | 96 | 216 | 343 | 406 | 284 |
| Interest ⓘ | 751 | 409 | 367 | 344 | 397 | 471 | 420 | 360 | 432 | 644 |
| Depreciation ⓘ | 2,161 | 1,864 | 1,866 | 1,906 | 2,068 | 2,358 | 2,314 | 2,205 | 2,262 | 2,470 |
| Exceptional Items ⓘ | -105 | -103 | -1,063 | -376 | 2 | -391 | -75 | 6 | 76 | -236 |
| Profit Before Tax ⓘ | 373 | 462 | -530 | 46 | 343 | 140 | 1,609 | 2,000 | 2,063 | 1,163 |
| Tax ⓘ | 370 | 233 | 236 | 355 | 273 | 227 | 355 | 522 | 297 | 214 |
| Profit After Tax | 3 | 229 | -766 | -309 | 70 | -87 | 1,254 | 1,478 | 1,767 | 950 |
| PAT Margin (%) | 0.0% | 1.3% | -4.4% | -1.8% | 0.4% | -0.5% | 7.3% | 8.8% | 9.9% | 4.5% |
| Adjusted EPS (₹) | 0.1 | 0.3 | 43.3 | -11.5 | -2.9 | -3.0 | 43.9 | 52.0 | 63.0 | 34.0 |
| Dividend Payout Ratio (%) | 0% | 1,412% | 14% | -39% | -156% | -133% | 32% | 40% | 33% | 49% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 321 | -363 | 1,592 | 499 | -182 | -1,278 | 115 | 928 | 1,518 | 1,782 |
| Share Capital ⓘ | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 | 285 |
| Reserves ⓘ | 36 | -648 | 1,307 | 214 | -467 | -1,563 | -170 | 643 | 1,233 | 1,497 |
| Minority Interest | 6 | 7 | 18 | 4 | 6 | 5 | 28 | 28 | 30 | 4 |
| Debt | 9,331 | 12,199 | 8,376 | 7,677 | 9,165 | 9,086 | 9,801 | 6,582 | 5,264 | 7,898 |
| Long Term Debt | 7,607 | 9,926 | 6,811 | 5,898 | 6,794 | 6,798 | 8,886 | 5,991 | 5,009 | 4,746 |
| Short Term Debt | 1,725 | 2,273 | 1,565 | 1,779 | 2,371 | 2,288 | 915 | 591 | 255 | 3,152 |
| Trade Payables | 3,670 | 3,576 | 3,581 | 3,472 | 3,689 | 3,845 | 3,239 | 3,006 | 3,277 | 3,656 |
| Others Liabilities ⓘ | 16,709 | 9,572 | 7,465 | 7,857 | 7,185 | 10,224 | 7,839 | 8,907 | 10,108 | 10,505 |
| Total Liabilities ⓘ | 30,037 | 24,990 | 21,033 | 19,510 | 19,862 | 21,882 | 21,023 | 19,451 | 20,197 | 23,844 |
Fixed Assets | ||||||||||
| Gross Block | 30,346 | 31,162 | 26,840 | 28,396 | 30,997 | 35,152 | 35,082 | 35,294 | 35,596 | 38,771 |
| Accumulated Depreciation | 15,642 | 16,718 | 16,126 | 17,811 | 19,981 | 22,762 | 23,956 | 24,755 | 25,493 | 25,690 |
| Net Fixed Assetsⓘ | 14,704 | 14,444 | 10,714 | 10,584 | 11,016 | 12,390 | 11,126 | 10,540 | 10,103 | 13,082 |
| CWIP ⓘ | 638 | 800 | 751 | 520 | 361 | 349 | 493 | 852 | 1,148 | 1,327 |
| Investmentsⓘ | 1,768 | 1,831 | 2,434 | 1,250 | 1,491 | 1,563 | 2,233 | 1,565 | 1,951 | 1,608 |
| Inventories | 26 | 25 | 19 | 27 | 77 | 73 | 34 | 38 | 160 | 84 |
| Trade Receivables | 2,487 | 3,019 | 2,590 | 2,953 | 2,968 | 3,229 | 2,608 | 2,582 | 2,735 | 3,758 |
| Cash Equivalents | 1,621 | 1,976 | 1,079 | 1,296 | 852 | 909 | 927 | 743 | 1,063 | 842 |
| Others Assetsⓘ | 8,793 | 2,896 | 3,446 | 2,879 | 3,096 | 3,369 | 3,601 | 3,130 | 3,039 | 3,143 |
| Total Assets ⓘ | 30,037 | 24,990 | 21,033 | 19,510 | 19,862 | 21,882 | 21,023 | 19,451 | 20,197 | 23,844 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 3,028 | 2,363 | 2,394 | 1,713 | 1,844 | 2,525 | 3,180 | 4,204 | 4,384 | 3,182 |
| PBT ⓘ | 373 | 263 | 2,019 | 29 | 193 | 142 | 1,609 | 2,000 | 2,063 | 1,163 |
| Adjustment ⓘ | 2,901 | 2,967 | 1,138 | 2,541 | 2,694 | 2,913 | 2,620 | 2,520 | 2,580 | 3,339 |
| Changes in Working Capital ⓘ | -134 | -443 | -23 | -593 | -475 | -251 | -553 | -405 | -55 | -1100 |
| Tax Paid ⓘ | -112 | -424 | -740 | -265 | -567 | -279 | -496 | 89 | -204 | -220 |
| Cash Flow From Investing Activity ⓘ | -1,902 | -2,311 | 943 | -504 | -2,288 | -1,530 | -2,005 | -895 | -1,842 | -2,644 |
| Capex | -1,771 | -2,029 | -1,795 | -1,540 | -1,732 | -1,486 | -1,343 | -1,647 | -1,443 | -2,033 |
| Net Investments | 48 | 15 | -25 | 619 | -561 | -52 | -691 | 745 | -359 | 316 |
| Others ⓘ | -178 | -297 | 2,763 | 418 | 5 | 8 | 29 | 7 | -40 | -928 |
| Cash Flow From Financing Activityⓘ | -1,388 | -9 | -3,276 | -959 | -28 | -942 | -1,205 | -3,431 | -2,241 | -813 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -63 | 243 | -2,935 | -565 | -36 | 170 | 855 | -2,081 | -605 | -502 |
| Interest Paid ⓘ | -628 | -581 | -309 | -276 | -353 | -385 | -252 | -248 | -349 | -528 |
| Dividend Paid ⓘ | -149 | -188 | -145 | -206 | -154 | -153 | -114 | -399 | -590 | -599 |
| Others ⓘ | -548 | 517 | 113 | 87 | 515 | -575 | -1,694 | -704 | -697 | 816 |
| Net Cash Flow ⓘ | -262 | 43 | 61 | 250 | -471 | 53 | -30 | -122 | 302 | -275 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0.53 | N/A | -124.78 | -29.58 | N/A | N/A | 0 | 283.37 | 144.48 | 57.55 |
| ROCE (%) | 8.06 | N/A | -1.32 | 3.86 | N/A | N/A | 20.79 | 24.98 | 27.92 | 17.25 |
| Asset Turnover Ratio | 0.66 | 0.66 | 0.77 | 0.83 | 0.84 | 0.82 | 0.8 | 0.83 | 0.9 | 0.95 |
| PAT to CFO Conversion(x) | 1009.33 | 10.32 | N/A | N/A | 26.34 | N/A | 2.54 | 2.84 | 2.48 | 3.35 |
| Working Capital Days | ||||||||||
| Receivable Days | 48 | 55 | 58 | 60 | 65 | 66 | 62 | 57 | 54 | 57 |
| Inventory Days | 1 | 1 | 0 | 1 | 1 | 2 | 1 | 1 | 2 | 2 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Tata Communication, incorporated in 1986 is part of the $62.5 billion Tata Group. The company, formerly Videsh Sanchar Nigam (VSNL), was acquired from the Government of India. It is leading global provider of a new world of communications. It provides a range of services that includes transmission, IP, converged voice, mobility, managed network connectivity, hosting and storage, managed security, managed collaboration and business transformation for global enterprises and service providers, as well as Internet, retail broadband and content services for Indian consumers. Tata Communications has most advanced & largest submarine cable networks. Tata Communications is listed on the Bombay Stock Exchange and the National Stock Exchange of India.
Business area of the company
Tata Communications is a digital ecosystem enabler that powers today’s fast-growing digital economy.
Products & Solutions
Awards
2000-01
2003-04
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2014-15
2015-16
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2017-18
2018-19
2019-20
Milestones
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