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State-run MTNL’s net loss has widened to Rs 1,985.93 crore for the quarter ended March 31, 2013 due to higher outgo for employee remuneration.
The company had reported a net loss of Rs 1,374.44 crore in the corresponding quarter in 2011-12 fiscal, MTNL said in a filing to the BSE today.
The employee costs increased to Rs 1,927.33 crore during the reported quarter from Rs 1,236.99 crore in the same period in the preceding fiscal year.
“Employee benefits for retirement benefits (provisions) have increased mainly on account of actuarial valuation consequent upon the second pay-revision of pension effective October 1, 2012 without arrear payment,” the company said.
Total income of the company also increased to Rs 918.58 crore in the January-March quarter of FY13 compared to Rs 843.06 crore in the same quarter of FY12.
On a full year basis, the net loss of the company rose to Rs 5,321.12 crore for FY13 compared to Rs 4,109.78 crore in FY12.
Total income for the year stood at Rs 3,428.66 crore compared to Rs 3,373.25 crore.
Shares of MTNL fell by 2.95 per cent by Rs 19.75 apiece on the BSE.
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