MTNL receives I-T refund of Rs 177 cr

State-run telecom operator Mahanagar Telephone Nigam (MTNL) on Wednesday said it has received Rs 177 crore as Income-Tax refund.

"MTNL has received a refund order amounting to Rs 177.76 crore from the Income Tax Department pertaining to Assessment Year 2010-11," MTNL said in a filing to the Bombay Stock Exchange.

MTNL had pruned its losses by 30% to Rs 1,099.5 crore for the fourth quarter ended March 31, 2011, and is expecting to return into the black soon with the help of new initiatives taken by the PSU.

For the full year 2010-11, the company posted a net loss of Rs 2,826 crore, up 8.27% from Rs 2,610.9 crore in the same period previous year.

The total income rose to Rs 3,841.2 crore as against Rs 3,781 during the period under consideration. Shares of MTNL on Wednesday closed flat at Rs 45.30 apiece on the Bombay Stock Exchange.