MTNL receives Rs 1.77 billion as income tax refund for 2010-11

Mahanagar Telephone Nigam Limited (MTNL) has received Rs 1.77 billion as an income tax refund for 2010-11.

MTNL had reduced its losses by 30 per cent to Rs 10.99 billion for the fourth quarter ended March 31, 2011, and is expecting to generate profits soon. For 2010-11, the company posted a net loss of Rs 28.26 billion, up 8.27 per cent from Rs 26.10 billion in the same period in the previous year.

The operator?s total income rose to Rs 38.41 billion, as against Rs 37.81 billion during the period under consideration.