State-owned telecom company MTNL has defaulted on loan repayments exceeding Rs 8,300 crore, as per its latest exchange filing. The company failed to repay dues to several major banks including SBI, PNB, Union Bank, Bank of India, UCO Bank, Punjab & Sind Bank, and Indian Overseas Bank.
The default occurred in March, involving both principal and interest payments. MTNL owes Rs 7,794.34 crore as principal and Rs 482.97 crore as interest, signalling deep financial trouble for the struggling operator.
On the business front, MTNL’s revenue fell 2.4% quarter-on-quarter to Rs 170.07 crore, down from Rs 174.23 crore in the previous quarter. The company also reported an EBITDA loss of Rs 128.08 crore and a net loss of Rs 836.07 crore.
The consistent losses and loan defaults raise serious concerns about MTNL’s viability. With limited revenue and mounting debt, the company may require urgent government intervention or a revival plan to stay afloat.
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