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Tata Tele Maharashtra's losses narrow to Rs 313.6 crore in Sept quarter

The company on Wednesday reported narrowing of losses

Tata | Tata Teleservices | Maharashtra

Press Trust of India  |  New Delhi 

The company's total income for the second quarter ended September 2021 stood at Rs 271.33 crore

Teleservices (Maharashtra) Ltd on Wednesday reported narrowing of losses to Rs 313.6 crore for the quarter ended September 30.

Its losses stood at Rs 341.1 crore in the year-ago period.

The company's total income for the second quarter ended September 2021 stood at Rs 271.33 crore, about 4.6 per cent higher than the corresponding period of the previous year.

Following the government's announcement of reform and relief measures for telecom service providers, the Department of Telecommunications (DoT) on October 14 issued a communication to TTML and Tele Business Services Ltd (TTSL) granting them opportunity of opting for deferment of the AGR dues by four years and paying interest amount by converting the same into equity.

"On October 29, 2021, TTML, along with TTSL, has informed DoT about its decision to opt for the deferment of its AGR (adjusted gross revenue)-related dues by four years.

"It has also informed DoT that decision of converting interest amount in equity shall be conveyed within the stipulated time limit of 90 days from DoT letter dated October 14, 2021," the company said in a regulatory filing on its Q2 results.

During the quarter and half year ended September 30, 2021, TTML continues to recognise interest on AGR obligations.

"The amount has been recorded in compliance with the accounting standards, strictly without prejudice to TTML's legal rights, claims, remedies and contentions available under law," it added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, November 10 2021. 22:15 IST