TTML slips as Q1 nos dissapoint

Tata Teleservices Maharashtra (TTML) has slipped in opening trades after reporting a lower-than-expected net profit.

The teleservice provider has reported a 5% jumpin revenues at Rs 591 crore in Q1FY12 as against Rs 563 crore in Q1FY11. EBITDA grew only 2% at Rs 121 crore from Rs 118 crore in the same period. Further, the gross minutes of usage of wireless services increased by 3%.

The stock opened at Rs 22.15 and slipped to a low of Rs 21.45. The stock is now down 1.5% at Rs 21.75. TTML is now 15% away from its 52-week high of Rs 25.65. Around 4,38,000 shares have been traded on the BSE so far.