New Delhi, May 30 -- Bharat Sanchar Nigam Ltd reported its second straight quarterly profit after 18 years, a milestone suggesting that the state-owned telecom operator's fortunes are changing. Yet, this performance was largelydriven by accounting adjustments that even its auditor has flagged. What also helped is the sale of land, buildings and other infrastructure, and a change in how it depreciates the cost of airwaves.

For BSNL, employee costs are a key factor as these accounted for over 34% of its Rs.20,841 crore revenue from operations in FY25. A decline here supports its profit.

In FY25, the company moved Rs.1,042 crore of its employee expenses towards 'Capital Work-in-Progress' (CWIP), much higher than Rs.114 crore in FY24 and Rs...