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VSNL net up 88% at Rs 1,577 cr

Our Bureau

MUMBAI, April 30

VIDESH Sanchar Nigam Ltd (VSNL) has reported 88 per cent rise in net profit at Rs 1,577.60 crore for the year ended March 31, 2001, over Rs 840.30 crore in the previous year.

Total income was Rs 7,876.50 crore (Rs 7,323.70 crore) registering a growth of eight per cent. Income from operations was Rs 7,314.70 crore (Rs 7,060.80 crore). Other income was higher at Rs 561 crore as against Rs 262.9 crore.

According to the company, though traffic growth had been 20 per cent, revenue growth was only three per cent on account of reduced Total Accounting Rate (TAR).

Total expenditure was Rs 5,367.6 crore. (Rs 5,235.8 crore). Depreciation was Rs 117.9 crore (Rs 96.8 crore). Provision for taxation was Rs 808.2 crore (Rs 637.5 crore).

According to Mr S.K. Gupta, Chairman and Managing Director, VSNL has been able to achieve better performance despite growing competition and reduction in tariffs on value added services during the year.

VSNL share gained Rs 14 on BSE today, closing at Rs 316.96 from Rs 302.95 previously.

Net profit for the fourth quarter was Rs 447.3 crore (Rs 311.9 crore). According to the company, though there had been a volume growth of 20 per cent in the fourth quarter, the revenue was lower due to reduction in TAR.

Its Internet subscriber base grew to 6,30,970 as on March 31, 2001 from 3,66,432 a year ago.