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Tulip Telecom has reported a consolidated net loss of Rs 84.99 crore for the quarter ended December 31, 2012 due to subdued macro-environment which led to prolonged conversion of prospective clients to order book.
The enterprise data services provider company had posted a net profit of Rs 77.25 crore in the corresponding period last financial year.
Total revenues declined 23 per cent to Rs 528.67 crore from Rs 686.59 crore, Tulip Telecom said in a BSE filing.
“The financial performance is reflective of the challenges in the macro-environment combined with internal liquidity constraints which is impacting topline and earnings performance,” Tulip Telecom Chairman and Managing Director H.S. Bedi said.
He, however, added: “...we have build extremely solid asset base and will continue to leverage this infrastructure to improve utilisation rates and efficiencies which are expected to translate to healthy performance over medium to longer term’’.
During the quarter, the company initiated discussions with lenders to restructure debt with longer maturity periods under corporate debt restructuring (CDR) mechanism.
The company has about Rs 2,700-crore debt which includes Rs 780 crore in foreign currency convertible bonds (FCCBs), Rs 600-crore worth of term loans, NCDs (Rs 545 crore) and ECBs worth Rs 340 crore.
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