Tata Communications (TCOM)'s 3QFY21 revenue/EBITDA was a miss due to lower-than-expected earnings reported in both the Data and Voice segments due to seasonality and slower deal conversions. However, excluding a one-time cost benefit from 2QFY21, the EBITDA miss stands at 5.9% (v/s 9.5% on total EBITDA). We reduce our revenue/EBITDA estimates for FY21 by 3%/4% and for FY22...