Integration of Kaleyra drives EBITDA

19 Jan 2024
5 Min read 
  • Tata Communications reported 16% QoQ growth in revenue and 12% QoQ growth in EBITDA.
  •  Cost synergies from the integration of the Kaleyra acquisition led to a beat in EBITDA.
  •  Adjusted for acquisitions, revenue and EBITDA were flat QoQ.
  •  The company has reiterated its focus on margin-accretive growth in the long term.
  •  Valuations show limited upside with a Neutral rating and a revised TP of INR1,750.
  •  The management expects a decrease in margins in the short term due to acquisitions.
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