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Wednesday, May 22, 2002

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Tata Telecom to pay 20 pc dividend

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MUMBAI, May 21

THE board of directors of Tata Telecom has recommended a dividend of 20 per cent or Rs 2 per share for the year ended March 31, 2002.

The company has reported 87 per cent growth in net profit during the year, at Rs 15.68 crore over the previous year's net profit of Rs 8.37 crore.

The company qualified that these results pertained to the business communications division. Turnover grew 31 per cent, to Rs 263.16 crore from Rs 200.46 crore.

``Going forward, we will continue in our path of globalising India through e-communications,'' said Mr Niru Mehta, Vice Chairman, Tata Telecom.

The company was actively looking to grow inorganically, said Mr Mehta, at a news conference here on Tuesday. The company is looking for acquisitions that show synergy with Tata Telecom's own activities.

He said the company had, over the last year, transformed itself into an end-to-end business communications solutions provider for enterprises.

The company continues to focus on the high growth vertical segments of IT-enabled services, call centres, educational institutes, banking and finance and hospitality, among other industries.

A key contributor to performance had been the company's continued focus on growing the business through indirect channels, said a statement.

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