 "Mahanagar Telephone Nigam, MTNL")
MTNL slips in trade: Telecom operator Mahanagar Telephone Nigam Limited (MTNL) dropped as much as 2.31 per cent to an intraday low of Rs 37.09 per share.
The fall came after the company announced a weak set of March quarter of financial year 2024 (Q4FY24) results.
MTNL’s net loss widened to Rs 783.7 crore on a year-on-year (Y-o-Y) basis, from a net loss of Rs 748.6 crore in the fourth quarter of financial year 2023 (Q4FY23).
The New Delhi-based company’s topline (revenue) fell nearly 5 per cent to Rs 209 crore in the March quarter of FY24, from Rs 219.2 crore in the March quarter of FY23.
MTNL’s earnings before interest, taxes, depreciation and amortisation (Ebitda) loss stood at Rs 74.9 crore in March quarter of financial year 2024, from an Ebitda loss of Rs 125.6 crore in the same quarter a year earlier (Q4FY23).
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The telecom company’s expenses, meanwhile, fell 2.6 per cent on a year-on-year basis to Rs 1,137.2 crore in Q4FY24, as opposed to Rs 1,167.2 crore in the same quarter last year.
State-owned MTNL was set up in 1986 by the Government of India to upgrade the quality of telecom services, expand the telecom network, and introduce new services and to raise revenue for telecom development needs of India’s key metros Delhi,the political capital and Mumbai, the financial capital of India.
The telecom company has a market capitalisation of Rs 2,346.12 crore, according to Bombay Stock Exchange.
The 52-week high of the stock is Rs 52.35 while its 52-week low is Rs 18.95 per share.
At 12:20 PM, shares of MTNL were trading 1.92 per cent lower at Rs 37.24 per share. By comparison, S&P BSE Sensex was trading 0.48 per cent lower at 74,143.48 levels.
