GTL registers net profit growth of 77 pc on year on year basis

Mumbai, Oct 17 (UNI) GTL Limited has declared the profit after tax was high by 76.91 per cent at Rs 18.24 crore for the quarter ended September 30, 2006 against Rs 10.31 crore for the same period previous year.

Company CMD Manoj Tirodkar told reporters here today,''After restructuring of the company, GTL changed it's revenue mix to focus on the opportunities in Network Services business. Starting this quarter, GTL will have a single reporting segment- Network Services instead of the Network Engineering and IT services segments.

The consolidated revenue for the quarter ended September 30,2006 was rs 235.56 crore as against Rs 228.34 crore in the quarter ended June 30,2006. The revenue growth remained flat for the quarter in view of GTL's decision to exit certain business in IT Services. However, continued buoyancy in Network services helped it to register an impressive growth of 27.79 per cent over previous quarter.

GTL setup a new office in Thailand to strengthen its presence in Asia Pacific region. The selling, general and administrative expenses increased from Rs 26.99 crore (11.82 per cent of revenues) in the previous quarter to Rs 31.89 crore (13.54 per cent of revenues)in the current quarter. The depreciation for the quarter was Rs 9.89 crore (4.20 per cent revenues) as against Rs 9.63 crore (4.22 per cent of revenues) in the previous year.

The Directors of GTL today approved the acquisition of Genesis Consultancy Ltd a U K based firm providing Network Management and Professional Services to Telecom Operators and OEMs, he added.

UNI AR PM VKG1610