MTNL's loss narrows to Rs 624 cr in Q4 over voluntary retirement scheme

State-owned telecom firm MTNL on Monday reported narrowing of its standalone loss to Rs 623.63 crore for the fourth quarter ended March 31, 2020, mainly on account of a reduction in headcount under the voluntary retirement scheme.

The company had posted a loss of Rs 759.27 crore in the corresponding period a year ago.

During the quarter, 14,387 employees of MTNL opted for the voluntary retirement scheme.

MTNL's total income declined 26.77 per cent to Rs 518.79 crore in January-March 2020, compared with Rs 708.5 crore in the year-ago period.

For the full financial year 2019-20, the firm's losses widened to Rs 3,693.72 crore as compared with Rs 3,388.07 crore it recorded at the end of the previous financial year.

The company's annual revenue during the financial year 2019-20 also dipped about 15 per cent to Rs 2,316.58 crore, against Rs 2,721.5 crore in 2018-19.