VSNL earns highest ever revenues

Kolkata, May 26 (UNI) Videsh Sanchar Nigam Limited (VSNL), a member of the 27 billion-dollar Tata Group, has posted 85 per cent increase in its annual consolidated revenues at Rs. 8,857 crore-the highest ever achieved by the company- during 2006-07.

With this, the international communication solution company became a member of the two-billion dollar club.

According to audited financial results under Indian GAAP, the company's EBITDA rose by 49 per cent at Rs.1,299 crore from Rs. 871 crore.

The company's Board recommended a dividend payout of 45 per cent or Rs. 4.50 per share.

''VSNL has transformed its business model from an India-centric, single business company to a global communications solutions company. Our acquisitions have not only given us world-class assets and ongoing revenues but also helped create a strong platform to become competitive in the global carrier and enterprise solutions market,'' Managing Director N Srinath said in a statement.

VSNL is leading the Tata Group's telecom foray into the carrier and enterprise solutions and consumer broadband segments. VSNL is one of the world's largest international voice carriers with about 20 billion minutes of annual traffic.

UNI