BSNL managed to cut down its employee costs after its voluntary retirement scheme, which led to a decline in losses during the last fiscal
Bharat Sanchar Nigam Limited (BSNL) posted a consolidated loss of ₹7441.11 crore for the financial year 2020-21, significantly lower than the ₹15,499.58 crore loss the state-run telco had registered in the previous fiscal.
Revenue for the fiscal under review slipped to ₹18,595.12 crore, as opposed to ₹18,906.56 crore seen in the FY20. The decline in total revenue came on the back of dip in revenue from operations, which slid to ₹1,7452.11 crore in FY21 from ₹17,886.09 crore in FY20.
Total expenses also came down during FY21 to ₹26,036.23 crore from ₹34,406.14 crore, as license and spectrum fees, employee benefits expenses and finance costs decline during the fiscal. The decline in employee costs helped the company to reduce losses in FY21.
Notably, BSNL had offered voluntary retirement scheme to its employees in order to cut down on its wage bill. A total of 78,569 employees had opted for voluntary retirement, reducing the company's wage bill and helping to bridge the massive loss seen in FY20.
BSNL's net worth has come down to ₹51,686.8 crore during FY21 from ₹59,139.82 crore in the previous year. The outstanding debt of the company stood at ₹27,033.6 crore in FY21, up from ₹21,674.74 crore in FY20.