MUMBAI, INDIA: Telecommunications solutions provider Tata Communications, reported on Monday a net loss of Rs 854.19 crore for the financial year ended March 2011, an increase by nearly 43 per cent as compared to the net loss of Rs 597.74 crore for the year ended March 31, 2010.
The company said the loss was mainly due to the loss made by South African firm Neotel, in which Tata Communications holds its 49.01 stake. In a regulatory statement the company said the loss from Neotel was Rs 551 crore.
It also said, for FY 11, the company's consolidated revenues increased by 8 per cent from Rs 11145.09 crore for the year ended March 31, 2010 to Rs 12133.08 crore for the year ended March 31, 2011.
“Over the past few years, we have focussed our investments on building and strengthening our global assets, services, and capabilities which has impacted profitability. Our focus now is to put the business on a firm path to profitability, driven by growth in our enterprise business, growth in new segments like cloud computing, improved performance at Neotel and a sharp focus on costs,” said Vinod Kumar, MD and CEO, Tata Communications.