Mahanagar Telephone Nigam Limited (MTNL) has reported widening of losses to Rs 8.17 billion in the fourth quarter-ended (QE) March 31, 2024, mainly on account of high finance costs, according to a regulatory filing. Meanwhile, the company had recorded a loss of Rs 7.45 billion in Q4 FY22-23.
The finance cost of MTNL increased to Rs 6.88 billion from Rs 6.40 billion a year ago. In addition, the revenue from operations of MTNL fell by about 5 per cent to Rs 1.92 billion during the reported quarter from Rs 202.35 in Q4 FY22-23. MTNL’s revenue from basic telephone operations comprising landline broadband services fell by 2 per cent to Rs 1.84 billion during March 2024 quarter from Rs 1.88 billion in Q4 FY22-23. Moreover, the company’s revenue from cellular services fell by about 42 per cent to Rs 81.6 million during the reported quarter from Rs 140 million in Q4 FY22-23.
For the year ended March 31, 2024, MTNL reported widening of loss to Rs 33.02 billion from Rs 29.1 billion a year ago. The annual revenue from operations declined by 15.44 per cent to Rs 7.28 billion in FY23-24 from Rs 8.61 billion in FY22-23.
Meanwhile, the outstanding debt of MTNL at the end of FY23-24 increased to Rs 257.94 billion from Rs 234.99 billion a year ago. Furthermore, the outstanding debt on the company excludes short term borrowings and non-convertible debentures worth Rs 35.68 billion for which the liability to pay interest and principal is on the government.
