Government-owned MTNL defaults on loans worth over ₹8,300cr
What's the story
Mahanagar Telephone Nigam Limited (MTNL), a state-owned telecom operator in India, has defaulted on loans worth over ₹8,300 crore. The revelation was made in an exchange filing on Saturday.
The company has failed to repay dues to a number of banks including Union Bank of India, State Bank of India, Bank of India, UCO Bank, Punjab National Bank and Punjab and Sind Bank.
Loan details
Outstanding payments and financial performance
In March, MTNL defaulted on both principal and interest payments to several banks. The total outstanding principal payment amounts to ₹7,794.34 crore, while the interest due stands at ₹482.97 crore.
The company's revenue for fiscal 2025 saw a quarter-on-quarter decrease of 2.4% to ₹170.07 crore from ₹174.23 crore in the previous quarter.
Financial results
MTNL's financial losses and stock performance
MTNL reported an EBITDA loss of ₹128.08 crore, up from the previous quarter's loss of ₹119.29 crore.
The company also reported a net loss of ₹836.07 crore, marginally down from the previously reported loss of ₹890.28 crore.
On Thursday, MTNL shares closed at ₹43.80 apiece, down by 0.41%.
The stocks have risen nearly 25% in the last 12 months and fallen by 13% year-to-date basis.