Mahanagar Telephone Nigam Limited (MTNL) has posted a consolidated net loss of Rs 7.75 billion during third quarter (Q3) FY’2022-23, as against a loss of Rs 6.59 billion during Q3 FY’2021-22. MTNL’s total expense increased by 5.04 per cent on year-over-year (Y-o-Y) basis to Rs 11.30 billion during quarter ended (QE) December 2022, while license fees (LF) and spectrum charges were Rs 217.7 million (down 26.3 per cent Y-o-Y).
Meanwhile, employee benefit expense was down by 6.3 per cent Y-o-Y to Rs 129.82 crore and finance cost was up by 7.2 per cent Y-o-Y to Rs 5.92 billion. MTNL’s net sales declined 25.1 per cent to Rs 2.27 billion in the QE December 2022 as against Rs 3.03 billion in the same quarter last fiscal.
Separately, the government is looking into the process of delisting MTNL ahead of the merger with Bharat Sanchar Nigam Limited (BSNL). To this end, the government has appointed a consulting firm as an advisor and the legal complexities are being looked into. The government expects to conclude the merger of MTNL and BSNL by the end of 2024. However, prior to that, government needs to delist MTNL from the stock exchanges.