State-owned telecom company MTNL on Friday narrowed consolidated loss to Rs. 653 crore in the June quarter. The company had a loss of Rs 688.69 crore in the same period a year ago. MTNL’s consolidated revenue from operations declined nearly 17 per cent to Rs. 250.72 crore in the first quarter of the current fiscal, according to a regulatory filing.
In the year-ago period, the same Rs. 301.15 crores.
In a note, the auditors of MTNL It has been said earlier that the total assets of the company have been completely exhausted.
The note said that the Department of Public Enterprises has declared the company as a Preliminary Sick Central Public Sector Enterprise and this has been confirmed by the DoT.
The note said that the consolidated financial results of the holding company have been issued keeping in view the majority stake of the government.
In July 2022, the Union Cabinet approved raising of Sovereign Guarantee Bonds for MTNL for an amount of Rs 17,571 crore for the next two financial years.
Bharti Airtel on August 8 revealed Consolidated revenue from operations increased to Rs. 32,805 crore in the June quarter. The telecom operator posted a 22.2 per cent growth in quarterly revenue on account of new 4G subscriber addition and increased data consumption.
A month ago, India’s largest telecom operator Reliance Jio infocom informed of With a growth of around 24 per cent year-on-year in its standalone net profit to Rs. 4,335 crore for the June 2022 quarter. Billionaire Mukesh Ambani-led Reliance Jio has pulled out Rs. 21,873 crore in the recently ended quarter, which was 21.5 per cent higher than the year-ago period, according to a filing.