Tata Teleservices posts net loss of Rs 205 cr in 2002-03

By siliconindia   |   Tuesday, 06 May 2003, 19:30 IST
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MUMBAI: Tata Teleservices (Maharashtra) Ltd (TTML) has posted a net loss of Rs 205 crore for the financial year ended March 31, 2003, compared to Rs 148.49 recorded during the previous fiscal. The company's total income increased to Rs 369.64 crore for the year under review, as against Rs 276.50 posted in the previous fiscal year, the TTML said in a company release. TTML's, which was formerly Hughes Tele.Com (India) Ltd, income from operations grew 42 per cent to Rs 359.59 in the fiscal, as against Rs 252.52 crore a year earlier, it said. The company said it earned its maiden cash profit of Rs 12.30 crore during the year, compared to a cash loss of Rs 34.78 crore posted in last year. TTML has incurred an additional charge of Rs 105.67 crore during the year as it had provided for higher depreciation rates than those prescribed under the Companies Act. This was done due to the nature of the telecommunication industry and related technology, it added. "We achieved a customer line growth of 46 per cent at 2.32 lakh lines by March 2003," said TTML managing director S Ramakrishnan, adding, certain restructuring programmes had resulted in reduction in debt levels, strengthening the financial position of the company. The company posted a net loss of Rs 124.74 crore in fourth quarter ended March 31, 2003, compared to loss of Rs 44.17 crore in FY'02, it said. TTML's total income rose to Rs 101.27 crore during the quarter under review, compared to Rs 70.02 crore recorded in the same period last year.