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Tata Teleservices Maharastra Q4-FY12 VAS & Data At 33% Of Wireless Revenues

Tata Teleservices Maharashtra Ltd (TTML)  has reported VAS and Data Revenues of 33%  of total wireless revenues for the quarter ended March 30th 2012 (Q4-FY12), up sequentially from 32.7% for Q3-FY12, and 26.7% at the end of Q4-FY11. As a percentage of revenues, VAS is significantly higher for TTML than most other players (for example, Non-Voice revenues for Airtel are around the 14.7% mark). Tata Teleservices’ VAS and Data Revenues segment include earnings from its EVDO based (USB data card) connectivity business (Tata Photon), where the company is a leading player, along with Reliance Communications and MTS India. TTML is the sister company of Tata Teleservices Ltd (TTSL), and is operational in Goa, Maharashtra and Mumbai circles, and while TTSL is not listed, the two companies operate mobile services under the Tata Docomo brand.

For Q4-FY12

– Towers: TTML has 9000 towers across Mumbai, Maharashtra and Goa circles
– Revenues of Rs 660 crore, year-on-year growth of 13 per cent from Rs 586 crore reported for the same quarter last fiscal.
– EBIDTA of Rs 147 crore
– Net loss of Rs 123.40 crore, down from Rs 144.62 crore reported for the same quarter last fiscal

While data is not available for the current quarter, as per an analyst presentation for Q3-FY12 (pdf), TTML had a total of 14.78 million subscribers, of which 7.67 million were CDMA, while 7.11 million were GSM. It’s interesting to note that this base had declined from 16.83 million at the end of Q2-FY12, wherein the company had 9.39 million CDMA and 7.44 million GSM subscribers. TTMLs ARPU then was Rs 207, up from Rs 201 in Q2-FY12.

For FY12

– Revenues of Rs 2506 crore, up 8% from Rs 2316 crore in the FY11.
– EBIDTA of Rs 547 crore, up 10% from Rs 497 crore for FY11, after excluding profit on sale of long term investments and extra-ordinary provisions.

3G Amortization

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. The payment is being amortized over a period of 20 years in-line with the Unified Access services (UAS) License agreement. “The borrowing
cost attributable to the aforesaid aggregating to Rs. 355 lacs / 6282 lacs had been capitalized during the quarter / year ended March 31, 2011 in accordance with Accounting Standard16 on ‘Borrowing costs'” it has said.

Download – Financials

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