Tata Tele Maharashtra Losses Narrow to Rs 454 Crore in June Quarter

Tata Teleservices Maharashtra today said its total comprehensive loss narrowed to Rs 454.46 crore for the three months ended June 30, 2018. The company, whose accumulated losses have exceeded its paid-up capital and reserves, said in a regulatory filing that it had secured a support letter from the promoters, indicating their willingness to organise for any liquidity shortfall in meeting financial obligations and repayment of debt. The company’s total comprehensive loss stood at Rs 681.26 crore in the March quarter and Rs 506.04 crore during the April-June previous fiscal.

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Exceptional items during the quarter comprise restructuring cost of Rs 90.30 crore (Rs 135.04 crore in the preceding March quarter and Rs 264.30 crore for the last fiscal, reported PTI.

During the quarter ended September 2017, the company had recorded Rs 7,708.63 crore towards impairment loss on its consumer mobile business assets, based on the assessment of its recoverable value, and had disclosed the same as an exceptional item, it said.

Providing an update on the transfer of its consumer mobile business to Bharti Airtel, as announced in October 2017, Tata Teleservices said that on July 19, 2018, the company entered into a detailed implementation agreement with Bharti in relation to the scheme and the impact of the same will be provided in the next quarter, it added.

“Pending the required approvals, no impact of the proposed scheme has been considered in these financial results, except that company has made an assessment of assets and liabilities pertaining to consumer mobile business (disposal group) which are proposed to be transferred…,” it said.