announced its April-June quarter results for fiscal 2023-24 on July 19, reporting a decline of 29.8 per cent in net profit to 381.7 crore, compared to 544.8 crore in the corresponding period last year. The company’s revenue from operations rose 10.7 per cent to 4,771.4 crore in the first quarter of current fiscal, compared to 4,310.5 crore in the year-ago period. The data business revenue stood at 3,912 crore, reporting a growth of 17.1 per cent over the same period last year. The firm’s EBITDA (earnings before interest, taxes, depreciation, and amortization) for the June quarter came in at 1,024 crore, registering a decline of 4.9 per cent, compared to 1,077 crore in the corresponding period last year. The total income for the quarter under review stood at 4,959.99 crore, compared to 4,544.51 crore in the year-ago period, according to a regulatory filing by Tata Communications to the stock exchanges. The core connectivity portfolio reported a growth of 8.1 per cent year-on-year in revenue. Digital portfolio, meanwhile, delivered a 37 per cent growth driven by all portfolios, and the integration of Switch Enterprises. “We have had a pivotal first quarter in FY24 – delivering a very strong revenue growth in our data business and the digital portfolio, closing The Switch deal and announcing the Kaleyra acquisition. We are on track with the execution of our strategy; and the strengthening of our portfolio will increase the relevance quotient with our enterprise customers,” said A.S Lakshminarayanan, MD and CEO, Tata Communications. On the recently announced ESG goals, Lakshmi added, “Sustainability is at the core of our business strategy and we are committed to be Net Zero by 2035 across our global operations. The company’s board approved raising funds through non-convertible debentures for 1,800 crore on July 19. ‘The board of directors, at the meeting, reviewed and approved the proposal for raising of funds through issuance of (NCDs) on private placement basis, for an amount up to 1,800 crore. The Board also authorized an internal committee, to take all actions in respect of finalization of terms of issuance and allotment of NCDs,’’ said Tata Communications in its exchange filing. On July 19, shares of Communications settled 1.21 per cent higher at 1,619.50 apiece on the . BSE Tata Communications Related Premium Stories