Financials Tata Communications Limited

Equities

TATACOMM

INE151A01013

Integrated Telecommunications Services

Market Closed - NSE India S.E. Other stock markets 07:43:49 2024-04-26 am EDT			5-day change	1st Jan Change
1,757 ^INR	+0.76%		+0.08%	-0.77%

Apr. 18	Transcript : Tata Communications Limited, Q4 2024 Earnings Call, Apr 18, 2024
Apr. 18	Tata Communications' Consolidated Profit Slips in Fiscal Q4	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	174,634	66,448	302,898	350,151	354,968	500,645	-	-
Enterprise Value (EV) ¹	256,531	146,821	377,812	422,150	422,513	572,964	573,931	559,576
P/E ratio	-212 x	-77.2 x	24.2 x	23.6 x	19.8 x	59.2 x	32.5 x	21.7 x
Yield	0.73%	1.72%	1.32%	1.68%	1.69%	1.05%	1.14%	1.36%
Capitalization / Revenue	1.06 x	0.39 x	1.77 x	2.09 x	1.99 x	2.73 x	2.05 x	1.86 x
EV / Revenue	1.55 x	0.86 x	2.21 x	2.52 x	2.37 x	2.73 x	2.36 x	2.08 x
EV / EBITDA	9.35 x	4.46 x	8.87 x	9.99 x	9.78 x	13.5 x	11.3 x	9.22 x
EV / FCF	269 x	17.4 x	20.8 x	16.6 x	14.6 x	-123 x	27.2 x	21.7 x
FCF Yield	0.37%	5.75%	4.81%	6.03%	6.84%	-0.81%	3.67%	4.61%
Price to Book	-96.1 x	-5.19 x	262 x	37.7 x	23.4 x	24.9 x	17.8 x	11.2 x
Nbr of stocks (in thousands)	285,000	285,000	285,000	285,000	285,000	285,000	-	-
Reference price ²	612.8	233.2	1,063	1,229	1,246	1,757	1,757	1,757
Announcement Date	5/8/19	6/13/20	4/28/21	4/21/22	4/19/23	4/17/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	165,250	170,680	171,001	167,247	178,383	209,688	243,661	269,483
EBITDA ¹	27,448	32,890	42,610	42,267	43,182	42,301	50,854	60,710
EBIT ¹	6,772	9,312	19,467	20,222	20,564	17,604	24,041	32,503
Operating Margin	4.1%	5.46%	11.38%	12.09%	11.53%	8.4%	9.87%	12.06%
Earnings before Tax (EBT) ¹	3,432	1,397	16,086	20,000	20,635	11,631	19,480	30,165
Net income ¹	-823.7	-859.6	12,506	14,818	17,960	9,683	15,386	23,098
Net margin	-0.5%	-0.5%	7.31%	8.86%	10.07%	4.62%	6.31%	8.57%
EPS ²	-2.890	-3.020	43.88	51.99	63.02	33.97	53.98	81.04
Free Cash Flow ¹	954.4	8,438	18,162	25,474	28,912	-4,834	21,066	25,813
FCF margin	0.58%	4.94%	10.62%	15.23%	16.21%	-2.29%	8.65%	9.58%
FCF Conversion (EBITDA)	3.48%	25.65%	42.62%	60.27%	66.95%	-	41.42%	42.52%
FCF Conversion (Net income)	-	-	145.22%	171.92%	160.98%	-	136.92%	111.76%
Dividend per Share ²	4.500	4.000	14.00	20.70	21.00	18.50	20.00	23.93
Announcement Date	5/8/19	6/13/20	4/28/21	4/21/22	4/19/23	4/17/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	42,228	40,732	41,028	41,740	41,849	42,630	43,105	44,307	45,283	45,687	47,714	48,572	56,786	57,090
EBITDA ¹	10,461	10,152	9,860	11,128	10,825	10,453	10,770	11,296	10,770	10,342	10,240	10,397	10,192	11,438
EBIT ¹	4,891	4,202	4,543	5,712	5,400	4,566	5,402	5,780	-	4,157	4,443	4,697	3,685	4,596
Operating Margin	11.58%	10.32%	11.07%	13.69%	12.9%	10.71%	12.53%	13.04%	-	9.1%	9.31%	9.67%	6.49%	8.05%
Earnings before Tax (EBT) ¹	3,815	3,859	3,770	5,296	4,839	6,095	6,943	5,932	4,306	3,454	5,039	4,117	3,268	4,007
Net income ¹	3,092	2,992	2,961	4,254	3,952	3,651	5,438	5,323	3,939	3,260	3,817	3,094	2,066	3,169
Net margin	7.32%	7.35%	7.22%	10.19%	9.44%	8.56%	12.61%	12.01%	8.7%	7.14%	8%	6.37%	3.64%	5.55%
EPS ²	10.85	10.50	10.39	14.93	13.87	12.81	19.08	18.68	-	11.44	13.39	11.00	6.400	9.450
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	1/19/21	4/28/21	8/4/21	10/20/21	1/19/22	4/21/22	7/20/22	10/18/22	1/23/23	4/19/23	7/19/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	81,897	80,374	74,914	71,999	67,545	93,790	73,286	58,931
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.984 x	2.444 x	1.758 x	1.703 x	1.564 x	2.168 x	1.441 x	0.9707 x
Free Cash Flow ¹	954	8,438	18,162	25,474	28,912	-4,834	21,066	25,813
ROE (net income / shareholders' equity)	-49.1%	-	-	284%	147%	64.6%	67.1%	61.9%
ROA (Net income/ Total Assets)	-1.66%	-	5.75%	7.23%	8.93%	7.75%	7.8%	9.4%
Assets ¹	49,519	-	217,474	205,006	201,102	138,192	197,250	245,719
Book Value Per Share ²	-6.380	-44.90	4.050	32.50	53.30	70.50	98.60	156.0
Cash Flow per Share ²	64.70	88.60	112.0	147.0	154.0	77.50	149.0	177.0
Capex ¹	17,489	16,810	13,636	16,564	14,931	22,956	23,429	24,112
Capex / Sales	10.58%	9.85%	7.97%	9.9%	8.37%	10.9%	9.62%	8.95%
Announcement Date	5/8/19	6/13/20	4/28/21	4/21/22	4/19/23	4/17/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Tata Communications Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,757 INR

Average target price

1,984 INR

Spread / Average Target

+12.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
TATA COMMUNICATIONS LIMITED	-0.77%	6B
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NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-2.38%	89.84B
CHINA TELECOM CORPORATION LIMITED	+17.65%	72.93B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+2.80%	58.42B
SAUDI TELECOM COMPANY	-5.07%	50.97B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.54%	40.2B
CHARTER COMMUNICATIONS, INC.	-34.49%	36.67B

Other Integrated Telecommunications Services