Mumbai: Telecom services provider Tata Teleservices (Maharashtra)(TTML) said on Tuesday it swung to profit in the year-ended 31 March, boosted by a one-time gain from sale of investment in its tower unit.
The firm, which provides wireless services under the Tata Indicom and Tata DoCoMo brands, posted a standalone net profit of Rs 49.9 crore on net sales of Rs 2,2500 crore. It had a net loss of nearly Rs 300 crore in FY10.
It made a profit of Rs 830 crore from sale of long-term investment in 21st Century Infra Tele Ltd in the quarter-ended June to Viom Networks Ltd, it said in a statement to the National Stock Exchange.
TTML, which has a subscriber base of 16.9 million, paid a licence fee of Rs 1,260 crore for 3G spectrum in Maharashtra circle, which was capitalised during the June quarter, it added.
Shares in the firm, which the market values at $766.5 million, rose as much as 20% immediately after the results but pared gains to close up 6.7% at Rs 19.05 in a weak Mumbai market.