Mumbai, July 29: Tata Teleservices (Maharashtra) posted a higher net loss of Rs 44.26 crore in the first quarter ended June 30, 2003, even as it signed a long-term financing agreement with ICICI Bank for Rs 350 crore. The company had posted a net loss of Rs 29.66 crore in its first quarter of the previous fiscal, TTML said in a release on Monday.

TTML's total income rose to Rs 116.80 crore in the quarter under review, as against Rs 80.71 crore posted during the same period a year ago, it added.

The Tata group company's subscriber base had posted a 43 per cent growth at 2.47 lakh subscribers, compared with the same period of the previous fiscal.

The company said it was in a growing phase, and hence the figures of this quarter are not comparable with that of the previous quarters.
On the long-term debt of Rs 350 crore, for which TTML has signed an agreement with ICICI Bank, the company said the funds would be utilised for capital expenditure.

Bureau Report