 "Tata Teleservices (Maharashtra) Limited")
Tata Teleservices (Maharashtra) Ltd on Friday reported widening of net loss in the second quarter ended September 30, 2016 to Rs 468.13 crore on higher finance cost and amortisation expenses.
The company had posted a net loss of Rs 175.7 crore in the year-ago period, the company said in a BSE filing.
Total income from operations fell 4.5% to Rs 712.8 crore as compared to Rs 746.6 crore in the corresponding period of the previous year.
"The growth in GSM and wireline revenue was offset by decline in CDMA revenue," it said.
The company further said that pursuant to the conclusion of the auction held in October 2016, the spectrum acquired in March 2015 is available for use and accordingly there is an increase in finance and amortisation expenses.
"The company was successful in winning 5 MHz spectrum in the 1800 Mhz band in each Mumbai and Maharashtra service areas in the recently concluded spectrum auction. An upfront payment of Rs 2,018 crore for the same has been made by the company on October 19, 2016" it added.
The depreciation and amortisation expenses jumped to Rs 269.5 crore in the just-ended quarter from Rs 160 crore in the same period previous year. The finance cost more than doubled to Rs 388 crore year-on-year.
Subsequent to the quarter ended September 30, 2016, the company has issued redeemable preference shares of Rs 2,018 crore to Tata Teleservices on preferential basis, it said adding that the company has also received sanction letters from variuos lenders for operational support and repayment of loans.
