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Tata Teleservices Maharashtra losses at Rs 108 Cr in Q1FY17

broken piggy bank

Tata Teleservices Maharashtra Ltd (TTML) losses narrowed to Rs 108.07 crore loss for the quarter ended 30th June 2016 (Q1 FY17), which decreased from Rs 159.34 crore loss in the previous quarter, and an increase from Rs 83.53 crore loss in the same quarter last year (Q1FY16). Note that this is the telco’s 24th straight loss making quarter.

The net income from telecom services also decreased to Rs 722.97 crore for the quarter, up from Rs 722.34 crore in the previous quarter, and down marginally by 1.6% from Rs 735.09 crore in the same quarter last year. The EBITDA was at Rs 217 crore for this quarter, an increase of 29% over the same period last year. Note that the company has adopted Indian Accounting Standards for reporting Q1FY17 results. As per IAS standards, the total comprehensive loss for the quarter ended 30th June 2016 (Q1FY17) stood at Rs 127.45 crore, which increased 54% from Rs 82.38 crore in the same quarter last year (Q1FY16)

The total income from overall operations was at Rs 734.91 crore for this quarter, down from Rs 732.85 crore in the previous quarter (Q4FY16), and down 2% from Rs 750.73 crore in the same quarter last year. Note that the company had previously stopped providing any information on the contribution of VAS and data revenues to its total telecom operations revenue.

Fund infusion: Note that last month, Tata had approved an investment of Rs 3,000 crore into the loss making until Tata Teleservices Maharashtra Ltd  through redeemable preference shares last month. The board had met on June 25th to discuss terms of investment into TTML, and it is subjected to all shareholders and regulatory approval.

Number of subscribers

TTML mentioned that the total number of subscribers in the Mumbai circle during the quarter were 36,67,758, which decreased from 37,22,712 subscribers in the previous quarter. The number of wireline subscribers in Mumbai during the quarter were 534,595 which decreased marginally from 535,524 subscribers in the previous quarter. In addition, the number of wireless subscribers were 31,28,119, which again decreased from 31,82,182 subscribers in the previous quarter. The number of fixed wireless terminals in this quarter were 5,044, which also was down from 5,006 fixed wireless terminals in previous quarter.

In the Maharashtra circle, the total number of subscribers were reported at 66,32,636, which increased from  66,28,041 subscribers in previous quarter. The number of wireline subscribers in Maharashtra cirlce were at 2,85,088, down from 2,84,669 subscribers last quarter. The number of wireless subscribers were 56,74,876, which increased from 56,53,192 subscribers in the quarter. The number of fixed wireless terminals in Maharashtra during this quarter was reported at 6,72,672, which decreased from 6,90,180 fixed wireline terminals reported last quarter.

Trouble with NTT Docomo stake purchase

On Wednesday, Japanese telco NTT Docomo which operates Tata Docomo in India through a partnership with Tata Teleservices (TTL) alleged that Tata did not honor payments of $1.17 billion in arbitral order from a London court, stating RBI regulations. A spokesperson from Tata however denied these allegations and told MediaNama that the delay in payments was due to RBI’s foreign exchange regulations that prevents Tata from paying out the entire amount in a single transaction. More on this here.

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Image credit: Flickr user Images Money under CC BY 2.0

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