Tata Tele Maharashtra Q3 loss widens to Rs 415 cr

Tata Teleservices Maharashtra today reported widening of losses for the three months ended December 31, 2016 at Rs 414.74 crore against Rs 77.14 crore in the same period of the previous year.
Total income from operations (net) came in at Rs 658.66 crore for the quarter, which is 11 per cent lower than Rs 741.8 crore in the corresponding period of the previous year.
"Income from operations for Q3 FY17 was Rs 659 crore, decline of 7.6 per cent from the previous quarter due to increased competition in the market.
"The company reported EBITDA of Rs 184 crore in Q3 FY17, a marginal decline of 2 per cent over the previous quarter despite the revenue decline," Tata Teleservices (Maharashtra) said in a BSE filing.

The company had acquired spectrum in the 800 MHz band in 2015.
"During the quarter ended September 2016, the company capitalised the spectrum effective April 1, 2016. Accordingly, the amortisation and interest expense on this spectrum for the six months period starting April 1, 2016 up to September 30, 2016 was recorded in the quarter ended September 30, 2016," it said.
Further, the company has acquired 5 MHz spectrum in the 1800 MHz band in Mumbai and Maharashtra in the auctions of October 2016. It has commenced amortisation of the cost of the spectrum allotted and expensed the interest on the entire spectrum during the current quarter ending December 31, 2016, it added.

The company said that other comprehensive income - pegged at Rs 71.35 crore for the December quarter - was up on account of "effective portion of mark to market gain on derivative financial instruments based on hedge accounting principles.