Telecom infrastructure firm GTL today reported a 68.14% dip in its net profit at Rs 11.94 crore for the first quarter ended June 30, 2011.
The company had posted a net profit of Rs 37.48 crore in the same quarter last fiscal, GTL said in a filing to the Bombay Stock Exchange (BSE).
"The rise in interest cost from Rs 28.64 crore in quarter ended June, 2010 to Rs 76.34 crore in the current quarter has led to fall in the net profit of the company," it added.
Net income from sales was, however, up 35.13% at Rs 833.73 crore for the reported period as compared to Rs 616.98 crore in April-June quarter of 2010, it added.
Shares of GTL today closed at Rs 51.80 a piece, up 3.5% from the previous close on the BSE.
During the quarter, ICICI Bank had acquired 29.30% stake in the company, worth over Rs 213 crore, after invoking the rights on the shares pledged to it.
This would make the bank the major shareholder in GTL, but it is exempted from making any open offer as per the current regulation.
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