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MTNL reports Rs 9,600 crore profit in Q4-FY14 due to government’s pension benefits

State run telco MTNL has reported a profit of Rs 9,600 crore for the quarter ended March 31, 2014 (Q4-FY14), on account of an exceptional items totalling Rs 10,216.1 crore. While the company hasn't disclosed any specific information on what this exceptional item is, it has noted that it has accounted the excess amount of pension already paid w.e.f 01.10.2000 against recoverable amount from the government as an exceptional item, following the government's decision to take over the pension liabilities of the telco as per the pattern of BSNL. MTNL notes that the Indian government has decided to take over the liability for payment of pensionary benefit w.e.f 01.10.2000 as per the pattern of BSNL. This came into effect from March 3, 2014. Without the exceptional items, the company would've posted a loss of Rs 118.5 crore for the quarter as against Rs 976.8 crore loss in the previous quarter. However, It's worth noting that MTNL has also written back provision worth Rs 1,254.2 crore made for employee retirement benefits following the government's order, which has significantly helped the profits for the quarter. In the previous quarter, MTNL had reported employee retirement benefit cost of Rs 506.4 crore. MTNL notes that it has written back provision made earlier for such employees except for the additional amount due to the difference in BSNL and MTNL pay scales. The telco also notes that it has discontinued accounting for the pensionary benefits of the said employees. The total operational revenue for MTNL was at Rs 841.7 crore for the quarter, down from Rs 853.3…

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