SSTL Narrows Down Loss In Q3
Sistema Shyam Teleservices (SSTL), which operates under the MTS brand in India reported its net loss of Rs 438 crore in July-September quarter, narrowed down from Rs 760 crore reported in the corresponding quarter previous financial year. The company, in which Russian conglomerate Sistema is the major partner, reported a 20 per cent increase in revenue to Rs 342.7 crore in the quarter as compared with Rs 284.4 crore in same period last year. It operates in nine of the 22 telecom zones in the country. “During the quarter, our non-voice revenues grew by 14 per cent, thereby contributing 43 per cent of the total revenues. Our net income improved by 42 per cent mainly on account of a significant reduction in forex loss,” said Dmitry Shukov, chief executive officer, Sistema Shyam Teleservices.