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RCom Posts Q2 Loss of INR 30,142 Crore

Financial results News - Published on Mon, 18 Nov 2019

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Bankrupt telecom operator Reliance Communications has posted a consolidated loss of INR 30,142 crore for the second fiscal quarter (July to September) due to provisioning of liabilities after the recent Supreme Court ruling on statutory dues. R-Com, which is going through insolvency process, had made a profit of INR 1,141 crore in the second quarter of the previous financial year (Q2 FY19). During Q2 FY20, the company set aside INR 28,314 crore on account of provisioning following the Supreme Court's order on calculation of annual adjusted gross revenue of telecom companies. This includes INR 23,327 crore for licence fee and INR 4,987 crore for spectrum usage charges, R-Com said in regulatory filings at stock exchanges late on Friday after market closing hours.

It is the second largest loss posted in corporate India, barely two days after Vodafone Idea reported Q2 FY20 loss of INR 50,922 crore

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Posted By : TelecomGuru on Mon, 18 Nov 2019
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