State-run telecom company MTNL has reported widening of losses to Rs 817.58 crore in the fourth quarter ended March 31, 2024, mainly on account of high finance costs, according to a regulatory filing. The company had recorded a loss of Rs 745.78 crore in the same period a year ago.
The finance cost of the loss-making telecom PSU increased to Rs 688.93 crore from Rs 640.91 crore a year ago.
The revenue from operations of MTNL fell by about 5% to Rs 192.66 crore during the reported quarter from Rs 202.35 in March 2023 quarter.
MTNL's revenue from basic telephone operations comprising landline broadband services fell by 2% to Rs 184.78 crore during March 2024 quarter from Rs 188.68 crore in the corresponding quarter a year ago.
The company's revenue from cellular services fell by about 42% to Rs 8.16 crore during the reported quarter from Rs 14 crore in March 2023 quarter.
The maintenance and running of MTNL wireless network has been handed over to BSNL as an outsource agency from Apr. 1, 2021 (in case of Delhi) and from Sept. 1, 2021 (in case of Mumbai) onwards to improve the quality of services.
For the year ended March 31, 2024, MTNL reported widening of loss to Rs 3302.19 crore from Rs 2910.74 crore a year ago.
The annual revenue from operations declined by 15.44% to Rs 728.47 crore in the financial year 2024 from Rs 861.57 crore in FY'23.
The outstanding debt of MTNL at the end of FY'24 increased to Rs 25,794.96 crore from Rs 23,499.69 crore a year ago.
The outstanding debt on the company excludes short term borrowings and non-convertible debentures worth Rs 3,568.97 crore for which the liability to pay interest and principal is on the government.
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