TTSL sets aside Rs 2,151 crores in Q3 for AGR dues

Tata Teleservices, on Wednesday, reported a web lack of Rs 275 crore for the third quarter this fiscal, narrower than the Rs 409 crore loss posted within the corresponding quarter earlier fiscal.

Despite incurring a web loss for the October-December interval, the company’s father or mother, Tata Sons has assured that it’s going to prepare funds for the distressed arm to satisfy its enterprise necessities for the approaching yr.

“The Company has obtained a support letter from its Promoter indicating that the Promoter will take necessary actions to organize for any shortfall in liquidity during the period of 12 months from the balance sheet date,” TTSL stated in its quarterly report printed after market hours on Wednesday.

“Based on the above, the Company is confident of its ability to meet the funds requirement and to continue its business as a going concern,” TTSL stated.

TTSL has made extra provision of Rs 2,151 crores throughout the December quarter pertaining to its Adjusted Gross Revenue (AGR) dues, up from Rs 1,919 crore provisioned within the earlier quarter. Post the dismissal of overview plea filed by TTSL and different telcos by the Supreme Court, it has moved a modification plea together with different and can be exploring additional authorized recourse.

“The Company and different operators have filed modification purposes within the SC in search of modification of Supplementary Order dated October 24, 2019 to permit the Company and Department of Telecommunication to conduct the train for ascertaining and fee of the quantities due,” it stated.

Tata Teleservices, which has bought its client mobility enterprise to Bharti Airtel, faces AGR dues of almost Rs14,000 crore.

TTSL’s complete revenues for the stated quarter have been down 20% on-year at Rs 258.76 crores whereas earnings earlier than curiosity tax depreciation and amortization have been up 49% at Rs 134.67 crores.

TTSL’s inventory closed 1.10% greater on Wednesday on BSE at Rs 2.75 per piece.

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