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Tata Teleservices Maharashtra Q2-FY12: Losses Increase 33% YoY; Data & VAS At 33.3%

ttmlTata Teleservices Maharashtra Ltd (TTML) has reported that VAS and Data Revenues accounted for 33.3%  of total revenues in Q2 FY12. The segment had contributed 29.8% to total wireless revenues for the quarter ended 30th June 2011.TTML’s revenues include earnings from the USB data card business, where the company is a leading player, along with Reliance Communications. TTML, is the sister company of Tata Teleservices Ltd (TTSL), and is operational in Goa, Maharashtra and Mumbai circles. It offers landlines, mobile connectivity (CDMA and GSM) and EVDO based wireless broadband services (Photon+).

Recently,the company has announced that it will operate all its services under one common brand—Tata DOCOMO, across its CDMA and GSM service platforms and Photon internet services, and has decided to drop the Tata Indicom brand. The company has consolidated all organizational assets including spectrum, retail touch-points, digital footprint and consumer franchises across technology platforms under the Tata DOCOMO brand.

On the whole, TTML reported losses of Rs 130.21 crore for the quarter ended September 30th 2011, compared to a loss of Rs 97.90 crore reported for the same quarter last year. The company reported an increase in revenues: for the same period, revenues were up from Rs 576.29 crore to Rs 616.42 crore. However, last year’s Q1 results also include profit on sale of the company’s subsidiary 21st Century Infra Tele Limited, which resulted in additional revenues of Rs. 834.93 crore, over and above its revenues of Rs.560.09 crore. So the results are not comparable. The company has reported an EBIDTA of Rs 120 crore.

In a statement, the company has said that:

– Revenues increased by almost 7%.

– EBIDTA grew by 22% to Rs 144 crore compared to the EBIDTA of Rs 118 crore in the corresponding quarter last year, if profit from the sale of investment in the company’s tower subsidiary is excluded from last year’s Q1 results.

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– TTML paid Rs. 1257.82 crore for 3G spectrum in Maharashtra circle (including Goa and excluding Mumbai) which was capitalized during the quarter ended June 30, 2010. In accordance with the accounting policy followed in this regard, the Company has commenced amortization of the aforesaid payment, on commencement of 3G operations and will amortise such payment over the remaining life of the license. The borrowing cost attributable to the aforesaid aggregating to Rs. 62.82 crore had been capitalized during the previous year under Accounting Standard16 on ‘Borrowing costs’.

Download – Financials

Related:
Tata Tele Rebrands Indicom To Tata Docomo; Launches Photon On CDMA Rev B Network
Tata Teleservices Maharashtra Q1-FY12 Losses at Rs 119 Crore; Data & VAS At 29.8%

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