SSTL Q3 loss at Rs 1,009.7 cr; revenues jump two-fold
Sistema Shyam TeleServices Ltd (SSTL), which operates under MTS brand, on Monday reported a loss of Rs 1,009.7 crore for the third quarter ended September 30, while the revenues doubled during the period.
New Delhi: Sistema Shyam TeleServices Ltd (SSTL), which operates under MTS brand, on Monday reported a loss of Rs 1,009.7 crore for the third quarter ended September 30, while the revenues doubled during the period.
The company had posted a net loss of Rs 494 crore during the July-September quarter in 2010, SSTL said in a statement.
Company's revenues, however, rose to Rs 328 crore during the quarter, over two-fold jump from Rs 146 crore in the same quarter of the previous fiscal.
"SSTL's bottom line during the quarter was impacted by increased forex charges. The rupee has depreciated considerably against the US dollar and other foreign currencies thus resulting in increased forex charges on long term Foreign Currency denominated loans," the company said.
Capex investments at the end of the third quarter stood at Rs 6,243 crore, including Rs 161.7 crore made during the quarter. Consolidated debt from banks and financial institutions stood at Rs 6,860 crore.
"The market response to our data centric, voice enabled strategy continues to be extremely positive... We are awaiting further clarity on issues such as additional spectrum availability," SSTL President and CEO Vsevolod Rozanov said.
SSTL's data card subscriber base in Q3 grew 30 percent to 1.07 million subscribers. It added 0.25 million data card subscribers during the quarter, highest additions in a quarter till date. The company's mobile subscriber base reached 13.27 million customers as of September 30.
Its non-voice revenues from both data and mobile value added services (VAS) for the quarter were up 32 percent quarter-on-quarter (Q-o-Q) to Rs 105 crore, which now contributes 32 percent of total revenue.
During the quarter, SSTL's blended mobile ARPU increased in contrast to a declining trend in the market.
SSTL Chief Financial Officer Sergey Savchenko said the blended mobile Average Revenue Per User (ARPU) for the quarter increased to Rs 85 against Rs 82.
SSTL is a joint venture in which Russian conglomerate Sistema holds 56.68 per cent stake, while the Russian government holds 17.14 percent. India's Shyam Group holds 23.98 percent and the remaining 2.2 percent is held by the public.