MTNL Q3FY23 loss widens further, appoints Sultan Ahmed as CFO

Mahanagar Telephone Nigam Limited (MTNL), a government-operated telecommunications company, recorded a net loss of Rs 775.50 crore in the third quarter of FY23, compared to Rs 659.28 crore in the same period last year.

During the December quarter, MTNL’s total expenses increased by 5.04% year-on-year, reaching Rs 1,130.18 crore. However, there were some cost reductions in other areas. License fees (LF) and spectrum charges were Rs 21.77 crore, showing a decline of 26.3% year over year. The employee benefit expenses also decreased by 6.3% to Rs 129.82 crore. On the other hand, finance costs increased by 7.2% to Rs 592.24 crore.

MTNL experienced a decline in net sales, with a reduction of 25.1% to Rs 227.41 crore in the December quarter compared to Rs 303.56 crore in the same quarter of the previous fiscal year.