Tata Tele slips after recording loss of Rs 280 crore in Q3

Tata Teleservices (Maharashtra) declined 2.58% to Rs 75.65 after the company reported a net loss of Rs 279.79 crore in Q3 FY23 as against a net loss of Rs 302.30 crore in Q3 FY22.

Revenue from operations fell by 1% to Rs 281.90 crore during the quarter.

Total expenses in the third quarter amounted to Rs 155.91 crore (down 7% YoY).

EBITDA improved by 8% to Rs 128.13 crore in Q3 FY23 from Rs 118.36 crore in Q3 FY22.

Interest service coverage ratio at the end of the December 2022 quarter was 0.86 times. Operating profit margin in Q3 FY23 was 31.32% as against 27.16% in Q3 FY22.

Tata Tele became a pan-India telecom operator in January 2005. The company had a unified access (basic and cellular) service license to operate in 19 circles, and a national long-distance license to provide services within India. Tata Tele completed the sale of its consumer mobile business to Bharti Airtel (BAL) and Bharti Hexacom, with effect from July 1, 2019, following the TDSAT (Telecom Disputes Settlement and Appellate Tribunal) order, directing the DoT to take the merger on record; and approval of the schemes of arrangement by NCLT (National Company Law Tribunal), Delhi, and NCLT, Mumbai.

Consequently, all customers, assets, spectrum, and agreed liabilities of Tata Tele have been merged with BAL. Post-merger, Tata Tele continues to operate the residual businesses such as enterprise business, fixed line, and broadband business.

Powered by Capital Market - Live News