Corporate
TT Correspondent | 31 Oct 2018Tata Teleservices (Maharashtra) said its loss narrowed to Rs 383.06 crore in the quarter ended September from Rs 8,194.67 crore a year earlier when it took an impairment charge on its consumer mobile business assets. The impairment loss had been disclosed as an exceptional item.
The telecom arm of the Tata Group said Tuesday there had been a change of such impairment charge due to “adjustments in the ordinary course of business” equivalent to Rs 5.58 crore for the half-year ended September 30 (Rs 4.58 crore for the quarter ended September and Rs 1crore for the quarter ended June).
The company’s revenue from operations declined 33% to Rs 336.29 crore. Depreciation and amortisation expenses fell 80% to Rs 42.93 crore, although they rose 11% on-quarter.
The company is in talks for “monetisation of certain assets, proceeds of which would be used to meet financial obligations” when due.