State-owned telecom firm MTNL on Friday reported narrowing of consolidated loss to Rs. 653 crore within the June quarter. The corporate had posted a lack of Rs 688.69 crore in the identical interval a yr in the past. The consolidated income from operations of MTNL fell by about 17 per cent to Rs. 250.72 crore within the first quarter of the present fiscal, in accordance with a regulatory submitting.
Within the year-ago interval, the identical stood at Rs. 301.15 crore.
In a observe, auditors of MTNL have beforehand said that the corporate’s web price has been totally eroded.
The observe mentioned the Division of Public Enterprises has declared the corporate as an incipient sick Central Public Sector Enterprise and the identical has been confirmed by the Division of Telecom.
The consolidated monetary results of the holding firm has been ready on a going concern foundation conserving in view the bulk stake of the federal government, the observe mentioned.
In July 2022, the Union Cupboard accepted elevating of sovereign assure bonds for MTNL for an quantity of Rs 17,571 crore for the following two monetary years.
On August 8, Bharti Airtel revealed that consolidated income from operations rose to Rs. 32,805 crore within the June quarter. The telecom operator reported a 22.2 p.c enhance in quarterly income, on the again of recent 4G subscriber additions and elevated knowledge consumption.
A month in the past, India’s largest telecom operator Reliance Jio Infocomm reported a virtually 24 p.c year-on-year rise in its standalone web revenue to Rs. 4,335 crore for the June 2022 quarter. Billionaire Mukesh Ambani-led Reliance Jio clocked income from operations of Rs. 21,873 crore within the just-ended quarter, which was 21.5 p.c greater than the year-ago interval, in accordance with a submitting.
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