₹262cr gains in Q3: BSNL posts first profit since 2007
What's the story
Bharat Sanchar Nigam Limited (BSNL) has posted a profit of ₹262 crore for the third quarter of the ongoing fiscal year. This is the company's first profitable quarter since 2007.
The turnaround is being credited to the increase in customers, which was driven by aggressive network expansion and cost optimization strategies.
"We are pleased with our financial performance this quarter," said A Robert J Ravi, CMD of BSNL.
Growth forecast
BSNL's financial performance and future projections
Ravi was optimistic about the company's future, saying that revenue growth would exceed 20% by the end of this fiscal year.
He stressed that this profit underscores BSNL's revival and long-term sustainability.
The company has also been able to cut down its finance cost and overall expenditure, which has led to a reduction in losses by over ₹1,800 crore from last year.
Revenue increase
BSNL reports revenue growth in key services
BSNL also reported a 15% increase in revenue from mobility services and an 18% rise in Fiber-to-the-Home (FTTH) revenue.
The company also witnessed a 14% growth in Leased Line services revenue as compared to the third quarter of last year.
The figures were highlighted as part of their recent financial performance update.
The company is also gearing up for 5G and focusing on digital transformation to remain competitive in the market.
Financial aid
BSNL receives financial boost for 4G network expansion
Earlier this month, the Union Cabinet had approved a financial package of around ₹6,000 crore to expedite the 4G network expansion of BSNL and Mahanagar Telephone Nigam Limited (MTNL).
As part of the plan, some one lakh 4G sites would be set up to improve connectivity and ensure better network services for consumers.
This move is expected to further strengthen BSNL's market position and service delivery.