Tata Teleservices (Maharashtra) Ltd., one of the fastest growing telecom service providers across Maharashtra and Goa, announced financial results for the fourth-quarter ended March 31, 2013, reporting loss that narrowed from last year.
The Mumbai-based company reported fourth-quarter a net loss of Rs.115.23 crore or Re.0.61 per share, compared with a net loss of Rs.123.40 crore or Rs.0.65 per share in the fourth-quarter of 2012.
Results for the quarter included a provision of Rs.23.27 crore, primarily towards the outstanding claims/litigations against the company relating to Department of Telecommunication and other parties.
The company's quarterly net sales increased three percent to Rs.669.18 crore from Rs.647.70 crore in the year-ago quarter, while other income was Rs.12.01 crore, compared with Rs.3.81 crore for the same period last year.
For the fiscal year, Tata Teleservices posted a net loss of Rs.658.77 crore, compared with a net loss of Rs.517.55 crore in 2012.
Net sales during the fiscal year grew by six percent to Rs.2,608.16 crore from the Rs.2,470.25 crore in the previous year, while other income was Rs.26.38 crore, compared with Rs.18.19 crore a year-ago.
The company said it had received a demand notice of Rs.290.17 crore from the Department of Telecom (DoT) for spectrum beyond 2.5MHz.
"A demand note for Rs.29,017 lakh for start up spectrum beyond 2.5MHz, being a one time spectrum charges claimed for the period from January 01, 2013 till the date of expiry of the licence, was received from the DoT," the company said, adding that it had filed a writ petition in the high court against the demand and obtained a stay order.
"The company has undertaken to surrender 1.25 MHz of CDMA spectrum after retaining 1.25 Mhz of spectrum over and above start up spectrum of 2.5 MHz in Mumbai and to surrender the spectrum beyond 2.5 Mhz in Maharashtra," it said.
Tata Teleservices said the licence fees on the basis of demand, for the spectrum retained amounted to Rs.104.58 crore for Mumbai. It has also paid under protest the first installment of Rs.29.90 crore subsequent to the year.
The company said it had maintained a strong focus on wireless broad-band services. Its VAS and data revenues accounted for 37 percent of total wireless revenues in Q4FY13.
At the BSE, Tata Teleservices shares are currently trading at Rs.9.05, up 1.91 percent from the previous close.
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