6-K 1 d6k.htm FORM 6-K Form 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C., 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month October, 2009

Commission File Number 001-15118

 

 

TATA COMMUNICATIONS LIMITED

(Translation of registrant’s name into English)

 

 

VSB, Mahatma Gandhi Road, Mumbai 400 001, India

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes  ¨                    No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2 (b): 82 -             .

 

 

 


Registrant hereby incorporates in the report on Form 6-K the following Exhibit:

 

Exhibit
Number

  

Description of Exhibit

1.    Unaudited financial results (provisional, according to Indian GAAP) for the quarter and half-year ended September 30, 2009.

Forward-Looking Statements

All words and statements other than statements of historical fact included in this Form 6-K (including the attached exhibit), including, without limitation, “expect”, “believe”, “plan”, “intend”, “estimate”, “anticipate”, “may”, “will”, “would” and “could” or similar words and statements concerning the registrant and its prospects, and other statements relating to the registrant’s expected financial position, business strategy, the future development of the registrant’s operations and the general economy in India, are forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the registrant, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the registrant’s present and future business strategies and the environment in which the registrant will operate in the future. The important factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements include, among others, changes in government policies or regulations of India and, in particular, changes relating to the administration of the registrant’s industry, and changes in general economic, business and credit conditions in India. Additional factors that could cause actual results, performance or achievements to differ materially from such forward-looking statements, many of which are not in the registrant’s control, include, but are not limited to, those risk factors discussed in the registrant’s various filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on October 15, 2009. These forward-looking statements speak only as of the date of this Form 6-K. The registrant expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in the registrant’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    TATA COMMUNICATIONS LIMITED
        By:   /S/    SANJAY BAWEJA        
    Name:   Sanjay Baweja
October 26, 2009     Title:   Chief Financial Officer


Exhibit 1

LOGO

HQ/CS/CL.24B/13718

26 October 2009

Sir,

Sub : Un-audited Financial Results (Provisional), according to Indian GAAP) for the period ended 30 September 2009.

Pursuant to Clause 41 of the Listing Agreement with Indian Stock Exchanges, please find sent herewith Un-audited Financial Results (Provisional), according to Indian GAAP) for the period ended 30 September 2009, which has been approved by the Board of Directors in their meeting, held on 26 October 2009.

Thanking you,

Yours faithfully,

For Tata Communications Limited

Rishabh Aditya

Deputy Company Secretary & VP

To:

 

1) Security Code 23624, The Stock Exchange, Mumbai. Fax No.(22) 22722037,39,41

 

2) Security Code 5251, The Asst. Manager (Listing), National Stock Exchange of India Limited. Fax Nos.: (22) 66418125/26

 

3) National Securities Depository Ltd. Fax Nos. : 2497 29 93.

 

4) The Bank of New York. Fax No. 2204 49 42.

 

5) Sharepro Services. Fax No. 2837 5646

 

6) Marc H. Iyeki, Director, New York Stock Exchange, Fax No: (212) 656-5071 /72 / Managing Director, New York Stock Exchange, Fax No: (212) 265-2016

 

7) Central Depository Services (India) Limited. Fax : 2267 3199.

 

8) Mr. R. Gangadharan for SEC information requirements.

LOGO

 


LOGO

TATA COMMUNICATIONS LIMITED

REGD. OFFICE: VSB, M.G. ROAD, FORT, MUMBAI-400001.

A. UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR

ENDED SEPTEMBER 30, 2009

 

(Rs. in Lakhs)

      Particulars    For the quarter ended
September 30,
   For the half year ended
September 30,
   For the
year ended
March 31,
 
            2009    2008    2009    2008    2009  
            (unaudited)    (unaudited)    (unaudited)    (unaudited)    (audited)  

1

  

Revenues from Telecommunication Services

   75,923    99,214    160,212    186,302    374,943   

2

  

Expenditure

                      
    

a. Network Costs

   35,242    50,987    73,153    91,782    176,137   
    

b. Operating and Other Expenses

   13,667    17,049    28,703    35,929    79,409   
    

c. Salaries and Related Costs

   9,495    8,367    19,002    15,885    35,049   
    

d. Depreciation and Amortisation

   13,031    9,768    25,370
   18,178    42,527   
    

e. Total Expenditure (2a to 2d)

   71,435    86,171    146,228    161,774    333,122   

3

  

Profit from Operations before Other Income, Interest and Exceptional items (1 - 2)

   4,488    13,043    13,984    24,528    41,821   

4

  

Other Income (net)

   3,376    4,363    4,111    10,121    17,285   

5

  

Profit before interest and exceptional items (3+4)

   7,864    17,406    18,095    34,649    59,106   

6

  

Interest cost (net)

   6,358    2,741    11,609    4,854    12,862   

7

  

Profit after interest but before exceptional items (5-6)

   1,506    14,665    6,486    29,795    46,244   

8

  

Exceptional Items:

Expense / (Income)

                      
    

a. Claim Settlement

   —      9,560    —      9,560    9,560   
    

b. Profit on sale of long term Investment

   —      —      —      —      (34,665

9

  

Profit from Ordinary Activities before tax (7-8)

   1,506    5,105    6,486    20,235    71,349   

10

  

Tax Expense

   461    1,813    2,247    7,096    19,754   

11

  

Net Profit from Ordinary Activities after tax (9-10)

   1,045    3,292    4,239    13,139    51,595   

12

  

Extraordinary items (net of tax expense)

   —      —      —      —      —     

13

  

Net Profit for the period (11-12)

   1,045    3,292    4,239    13,139    51,595   

14

  

Paid up Equity Share Capital (Face value of Rs.10 per share)

   28,500    28,500    28,500    28,500    28,500   

15

  

Reserves excluding revaluation reserve

   —      —      —      —      630,535   

16

  

Earnings per Share

                      
    

Basic and diluted earnings per share before and after extraordinary items (Rs.) (not annualised)

   0.37    1.16    1.49    4.61    18.10   

 

2


17

  

Aggregate of public shareholding

                        
    

a. Number of shares

   45,762,633    50,203,378    45,762,633    50,203,378    43,003,978
    

b. Percentage of shareholding

   16.06    17.62    16.06    17.62    15.09

18

  

Promoters and Promoter Group Shareholding

a. Pledged / Encumbered

   30,000,000         30,000,000       30,000,000
    

- Number of Shares

                      
    

- Percentage of Shares (as a % of the total shareholding of promoters and promoter group)

   13.82         13.82       13.81
    

- Percentage of Shares (as a % of the total share capital of the Company)

   10.53         10.53       10.53
    

b. Non - encumbered

   187,028,873         187,028,873       187,207,342
    

- Number of Shares

                      
    

- Percentage of Shares (as a % of the total shareholding of promoters and promoter group)

   86.18         86.18       86.19
    

- Percentage of Shares (as a % of the total share capital of the Company)

   65.62         65.62         65.69

B. SEGMENT INFORMATION:

Business Segments:

(Rs. in Lakhs)

Particulars    For the quarter ended
September 30,
   For the half year ended
September 30,
   For the
year ended
March 31,
 
      2009    2008    2009    2008    2009  
      (unaudited)    (unaudited)    (unaudited)    (unaudited)    (audited)  

Revenues from Telecommunication Services

                    
       

Wholesale Voice

   30,058    46,132    64,155    86,509    174,059   
       

Enterprise and Carrier Data

   30,394    36,816    65,291    72,174    145,046   
       

Others

   15,471    16,266    30,766    27,619    55,838   
       

Total

   75,923    99,214    160,212    186,302    374,943   
       

Segment result

                    
       

Wholesale Voice

   4,421    5,410    10,553    12,666    33,052   
       

Enterprise and Carrier Data

   26,879    29,912    57,237    55,696    113,129   
       

Others

   9,078    10,469    17,012    17,545    34,184   
       

Total

   40,378    45,791    84,802    85,907    180,365   
       

Less:

                    
       

(i) Interest cost (net)

   6,358    2,741    11,609    4,854    12,862   
       

(ii) Other Unallocable Expense (net)

   32,514    28,385    66,707    51,258    121,259   
       

Profit before taxes and exceptional items

   1,506    14,665    6,486    29,795    46,244   
       

Exceptional expenses / (income) (net)

   —      9,560    —      9,560    (25,105
       

Profit before taxes

   1,506    5,105    6,486    20,235    71,349   
       

Tax Expense

   461    1,813    2,247    7,096    19,754   
       

Net Profit

   1,045    3,292    4,239    13,139    51,595   

 

3


Notes to Segments:

The Company’s reportable segments are Wholesale Voice, Enterprise and Carrier Data and Others.

Revenues and expenses, which are directly identifiable to the segments, are attributed to the relevant segment. Expenses on rent of satellite channels and landlines, and royalty and license fee are allocated on the basis of usage. Segment result is segment revenues less segment expenses. Certain costs, including depreciation which is not allocable to segments have been classified as “Other unallocable expense (net)”.

Telecommunication services are provided utilizing the Company’s assets which do not generally make a distinction between the types of services. As a result, fixed assets are used interchangeably between segments. In the absence of a meaningful basis to allocate assets and liabilities between segments, no allocation has been made.

Notes:

 

  1. The above standalone results of the Company for the quarter and half year ended September 30, 2009 have been subjected to a limited review by the statutory auditors, recommended by the audit committee and were taken on record and approved by the Board of Directors at their meeting held on October 26, 2009.

 

  2. Other Income includes exchange gain (net) of Rs.388 lakhs and Rs.1,724 lakhs for quarter ended September 30,2009 and September 30, 2008 respectively and exchange loss (net) of Rs.617 lakhs and exchange gain (net) of Rs.2,650 lakhs for half year ended September 30,2009 and September 30, 2008 respectively and exchange gain (net) of Rs.4,656 lakhs for year ended March 31, 2009.

 

  3. The previous period’s figures have been regrouped and reclassified wherever necessary to make them comparable with the current period’s figures.

 

  4. Investor Complaint status:

 

Outstanding as on

July 1, 2009

 

Total received during the
quarter ended

September 30, 2009

 

Total resolved during the
quarter ended

September 30, 2009

 

Outstanding as on
September 30, 2009

Nil   1   1   Nil

FOR TATA COMMUNICATIONS LIMITED

N. SRINATH

MANAGING DIRECTOR &

CHIEF EXECUTIVE OFFICER

 

Place:   Mumbai.
Date:   October 26, 2009

 

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