New Delhi, May 10 (PTI) Tata Communications, a Tata Group company, today reported a consolidated loss of Rs 120 crore for the fourth quarter ended March of 2017-18 as against Rs 209 crore in the same quarter of the previous fiscal.

The income on consolidated basis also declined to Rs 4,241.54 crore as compared to Rs 4,394.88 crore.

Consolidated revenues declined primarily because of lower volume and price compression in voice and currency translation impact, Tata Communications said in a statement.

The company's board has proposed a dividend of Rs 4.50 per share as against Rs 6 in the previous year.

On a standalone basis, the company during the quarter earned a profit of Rs 191.29 crore as against a loss of Rs 1,264.86 crore.

It further said growth in services continued to witness strong momentum with a annual growth of 35.6 per cent.

"The growth rate has doubled from 18.4 per cent in financial year 2016-17. Within this portfolio IZO services grew by over 300 per cent and security services grew by 64 per cent YoY," it said.

In the financial year 2017-18, Tata Communications Limited had filed a Scheme of Arrangement and Reconstruction for demerger of Surplus Land to Hemisphere Properties Limited (“HPIL”) with the National Company Law Tribunal (NCLT). The scheme was approved by the company's shareholders on May 10, 2018. The company will now obtain further necessary approvals before the scheme can come into effect.

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