Please see attached audited financial results for the 4th quarter and year ending March 31, 2025
Awaiting price reaction for this filing.
Tata Teleservices (Maharashtra) Limited (TTML) reported audited FY25 results with revenue from operations of Rs. 1,308 crores, slightly lower than Rs. 1,316 crores in FY24. Q4 FY25 revenue came in at Rs. 308 crores versus Rs. 333 crores in Q4 FY24, showing a meaningful quarterly decline. The company's net loss widened to Rs. 1,275 crores for the full year from Rs. 1,228 crores in FY24. Auditor Price Waterhouse issued a clean (unmodified) opinion, which is a positive technical signal. However, the company remains deeply financially distressed — accumulated losses have wiped out its paid-up capital and reserves, current liabilities exceed current assets (current ratio of just 0.61), and networth is sharply negative at around Rs. (19,567) crores. Operating cash flow was positive at Rs. 505 crores. Management is continuing on a going concern basis relying on a financial support letter from its ultimate holding company for the next 18 months. Separately, both the curative petition and review application filed against the Supreme Court's AGR (Adjusted Gross Revenue) order have been rejected (August 2024 and January 2025 respectively), which is an adverse development for contingent liabilities.
For shareholders, this is a financially distressed stock where the company survives only because of holding company support. The clean auditor opinion is reassuring on accounting quality, but the negative networth, weak liquidity, and AGR case setbacks make this a high-risk holding. Existing shareholders should expect continued losses and potential dilution; the equity has very limited fundamental value at current metrics.