MTNL Q3 net loss at Rs 819.96 cr surpasses total revenue
The revenue of MTNL declined by 8.6 per cent from Rs 756.22 crore posted in the corresponding quarter of previous fiscal.
State-run telecom firm MTNL today reported widening of its standalone net loss at Rs 819.96 crore, surpassing its total revenue, during the three-month period ended December 31, hit by increase in finance cost.
The company has posted a net loss of Rs 671.59 crore in the same period a year ago.
Net loss surpassed its total income of Rs 690.59 crore.
The revenue of MTNL declined by 8.6 percent from Rs 756.22 crore posted in the corresponding quarter of previous fiscal.
The finance cost during the reported quarter increased by 11.32 percent to Rs 382.28 crore, from Rs 343.39 crore a year ago, accounting for more than half of its total income from operations.
Earlier this month, telecom minister Manoj Sinha said the loss-making PSU has been hit hard by debt and it is borrowing money to meet its day-to-day requirements.
Total debt on MTNL reached Rs 19,418.23 crore at the end of December 31, 2016, from Rs 11,542.3 crore in 2012-13, according to the data shared by the minister. The debt is over six times MTNL's annual revenue registered in 2015-16.
In 2015-16, MTNL reported total annual revenue of Rs 3,197.41 crore and net loss of Rs 2,005.72 crore.
Shares of MTNL closed at Rs 23.3 apiece, up 0.87 percent comapred to previous close on BSE today.