Mahanagar Telephone Nigam (MTNL) reported consolidated net loss of Rs 775.50 crore in Q3 FY23, higher than net loss of Rs 659.28 crore in Q3 FY22.
Net sales declined 25.1% to Rs 227.41 crore in Q3 FY23 as against Rs 303.56 crore in Q3 FY22.Total expense rose 5.04% year on year to Rs 1,130.18 crore in Q3 FY23. License fees and spectrum charges stood at Rs 21.77 crore (down 26.3% YoY), employee benefit expense was at Rs 129.82 crore (down 6.3% YoY) and finance cost stood at Rs 592.24 crore (up 7.2% YoY).
Meanwhile, the company's board has approved the appointment of Sultan Ahmed as chief financial officer & key magangerial personnel with immediate effect. He has worked in MTNL Mumbai, Delhi and CFO to UTL Nepal. He has experience in the telecom industry for more than 27 years. He is a director on the board of MTL which is a fully owned subsidiary of MTNL.
Mahanagar Telephone Nigam is engaged in providing telecom services in the geographical area of Mumbai and Delhi.
The scrip rose 0.23% to Rs 21.75 on the BSE.
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