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|April 29, 1999||
VSNL net profit goes up by 39 per centVidesh Sanchar Nigam Limited has posted a net profit of Rs 13.41 billion during 1998-99, showing an increase of 39 per cent over Rs 9.68 billion during the previous year.
The unaudited financial results for 1998-99 of VSNL were taken on record at the directors' meeting in Bombay today.
The total revenue was up 11.7 per cent at Rs 71.89 billion from last year's Rs 64.36 billion.
A total of 1,935 million minutes of traffic was managed by VSNL during the year as against 1,685 million minutes in 1997-98, a growth of 15 per cent.
The traffic during the last quarter was 519.56 million minutes as compared to 437 million minutes for the corresponding period last year, rising 19 per cent.
The net margin rose to 18.66 per cent from 15.04 per cent last year.
Revenues from value-added services grew by 71 per cent to Rs 4.919 billion as against Rs 2.871 billion last year.
The Internet business of the apex telecom services provider grew by one-and-a-half times to Rs 1.72 billion in 1998-99.
Commenting on the results, acting CMD of VSNL Amitabh Kumar said that the growth in the company's bottom line by 38.5 per cent against the sluggish economic scenario reflects the improving performance in raising efficiencies.
He further stated that the results reflect the outcome of VSNL's diversification efforts from pure ISD revenues.
''The revenues from Internet, leased lines and other services add up to Rs 4.73 billion in 1998-99, showing a growth of 72 per cent over the previous year,'' he added.
Kumar indicated that the outlook for the current fiscal is extremely positive due to reduction in ISD tariffs effective from May 1. He observed that with the fall in the telephony tariffs globally and rapid growth of lines in India, VSNL should witness a faster growth in telephony traffic.
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