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Tata Teleservices (Maharashtra) on Tuesday reported widening of losses to about Rs 302 crore for the quarter ended December 2021 compared to the year-ago period.
The revenue from operations for Tata Teleservices (Maharashtra) Ltd or TTML rose two per cent year-on-year to Rs 284.2 crore in the third quarter of the current fiscal.
The third quarter losses came in at about Rs 302 crore, hurt by finance costs. The losses stood at Rs 297.95 crore in the year-ago period.
The accumulated losses of the company as of December 31, 2021 have exceeded its paid-up capital and reserves.
According to a regulatory filing, the company has incurred net loss for the quarter and nine months ended December 31, 2021 and the company's current liabilities exceeded its current assets as at that date.
"The company has obtained a support letter from its promoter indicating that the promoter will take necessary actions to organise for any shortfall in liquidity during the period of 12 months from the balance sheet date," the filing said.
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The company said it is confident of its ability to meet the funds requirement and to continue business as a going concern and accordingly, the financial results have been prepared on that basis.
On February 1, 2022, TTML along with TTSL (Tata Teleservices Ltd) informed the telecom department about the decision to not pursue the option of conversion of interest into equity, the filing said, referring to the choice granted to companies under mega-reforms package announced last year.
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