The Hindu Business Line : MTNL profit rises 31 pc; to pay 45%

MAHANAGAR Telephone Nigam Ltd (MTNL) has reported a 31 per cent increase in net profit at Rs 1,150 crore for the year 2003-04 as compared with Rs 877 crore in the previous year.

The company has announced a 45 per cent dividend.

The net income increased 10.84 per cent to Rs 6,684 crore from Rs 6,030 crore. Income from services has gone up by Rs 563 crore to Rs 6,369 crore during the year despite the slack in demand for fixed line services. MTNL is the dominant fixed line operator in Mumbai and Delhi.

The earning per share has gone up to Rs 18.26, up from Rs 13.92. Profit before tax has also gone up to Rs 1,686 crore, up from Rs 1,260 crore which is an increase of 33.83 per cent. The employees' remuneration and benefits have gone up by 12.94 per cent at Rs 1,619 crore, mainly due to provision for arrears, pension, gratuity and leave encashment in respect of absorption of Group B employees. The administrative and other operating expenses went up marginally by 4.1 per cent to Rs 975 crore.

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