Business Daily from THE HINDU group of publications
Wednesday, Oct 18, 2006
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Business Daily from THE HINDU group of publications Wednesday, Oct 18, 2006 ePaper |
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Info-Tech
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Mergers & Acquisitions GTL acquires UK-based Genesis Consultancy Our Bureau
ALL-CASH DEAL: Mr Manoj Tirodkar (left), Chairman & MD, GTL Ltd, and Mr David Edmondson, MD, Genesis Consultancy Ltd, at a press conference in Mumbai on Tuesday. - Paul Noronha
Mumbai , Oct. 17 Telecom network services firm GTL Ltd has acquired Genesis Consultancy Ltd, a UK based network services provider for $9 million (over Rs 40 crore) in an all-cash buyout. Genesis undertakes network-engineering projects in the Europe, the US and the Asia-Pacific region. The company has no debt in its books, and has $1.9 million in cash; its revenues for calendar year 2006 are expected to be $14 million and is estimated to grow at 35 per cent in 2007, said a statement from GTL. "With this acquisition, we expect the network management and operations business of the group to grow substantially; this revenue stream will contribute between 15 per cent and 20 per cent to our topline over a period of three to five years," said Mr Manoj Tirodkar, Chairman and Managing Director of GTL Ltd, at a news conference on Tuesday.
Financials
On a standalone basis GTL Ltd has reported a 9 per cent increase in net profit, at Rs 7.64 crore, for the first quarter ended September 30, 2006, up from Rs 7 crore posted during the corresponding quarter of the previous fiscal. Net income has gone up from Rs 135.06 crore to Rs 145.06 crore in the current quarter, logging a 7.3 per cent rise. The consolidated net profit of the company rose 76.9 per cent to Rs 18.24 crore, while total revenues increased by 15.6 per cent to Rs 235.56 crore. The revenue growth remained flat for the quarter as a result of GTL's decision to exit certain businesses in the IT sector, a statement from the company said. GTL ended down 1.33 per cent at Rs 145 on the BSE.
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