GTL net profit at Rs 25.54 cr

CORPORATE SCORECARD

Network services provider GTL has posted net profit of Rs 25.54 crore in third quarter ended March 31, 2007, up by 425.51 per cent, from Rs 4.86 crore recorded during the same quarter of the previous financial. The company has also received board's approval for a buyback of shares worth Rs 275 crore at Rs 300 per share through a tender offer, subject to shareholders' approvals.

GTL's total income during the reporting quarter rose to Rs 325.20 crore, an increase of 60.89 per cent from Rs 127.16 crore recorded during the same period a year ago, GTL said in a release today.

For the nine month period ended on March 31, the company posted a net profit of Rs 43.03 crore, as against Rs 23.89 crore recorded during the same quarter of previous financial. Its total income rose to Rs 684.70 crore during the period under review, from Rs 400.97 crore posted during the same period a year ago.

GTL has a 15 month financial year in 2006, as it was demerging its infrastructure division into a separate company. However, from this year the company intends to go back to its normal 12 month financial year and hence, it is closing its year with its nine-month results.

On a consolidated basis, the company posted a net profit of Rs 28.39 crore during the quarter on a total income of Rs 389.90 crore, compared a net profit of Rs 7.43 crore on a total income of Rs 182.07 crore.

The company's board has recommended a buyback of GTL shares worth Rs 275 crore at a price of Rs 300 per share, which is subject to shareholders' approvals. GTL proposes to buy around 9.17 million shares through a tender route, which represents 9.45 per cent of the company's paid up capital and 8.62 per cent of its fully diluted capital.