Tulip Q1 profit at Rs 13.82 cr, to take Tulip Connect to 800 cities

New Delhi, July 31 (UNI) Tulip IT Services Ltd, a leading provider of end-to-end data connectivity, today posted a net profit of Rs 13.82 crore for its first quarter ended June 30, 2006.

The company had announced its IPO in January this year.

Tulip posted a turnover of Rs 142.84 crore for Q1 and posted its EPS at Rs 8.18.

''Tulip continues to showcase consistent growth in the first quarter of 2006-07 with the support of our business partners and customer. Tulip Connect has been very well received by the market and will continue to drive growth for the company. We are committed to delivering the highest returns to our shareholders and we expect to sustain a similar growth pattern for the year,'' Tulip IT Services Ltd MD Lt Col H S Bedi said.

The growth showcases the positive impact of the launch of Tulip Connect by the company earlier this year. Tulip Connect is India's first MPLS based wireless data network providing band-width on demand.

In January, Tulip had projected the roll-out of Tulip Connect in 130 cities. However, owing to the excellent market response, the company has already achieved a roll-out in 540 cities and has plans to expand it to 800 cities.

Some new customers acquired by Tulip during this quarter include, First India Credit Corporation, SIDBI, Dabur, Idea Cellular and Bajaj Allianz.

The company was awarded the Letter of Intent (LOI) for NLD and ILD (National Long Distance&International Long Distance) license by the Department of Telecom (DoT), this quarter.

UNI RA DKS RK1715