The Hindu Business Line : Tulip Telecom Q2 net profit rises 35%

New Delhi, Oct. 26 Tulip Telecom Ltd has reported a 35.2 per cent increase in its net profit to Rs 50.15 crore during the second quarter ended September 2008, compared to Rs 37.08 crore in the corresponding quarter last year. The company’s net sales for the quarter increased to Rs 384.64 crore (Rs 258.48 crore).

Lt. Col. H.S. Bedi, Chairman and Managing Director, Tulip Telecom, said, “Tulip’s revenues continue to show robust growth in spite of the perceived slowdown in the industry. This is driven by the industry’s requirement to bring in greater efficiencies in their operations. While corporates are reducing their capital expenditure, our solutions are primarily on the operational expenditure side so we are not seeing any impact due to the slowdown.”

Projects on hand

During the quarter, Tulip telecom bagged a Rs 95-crore State Wide Area Networks project from Madhya Pradesh. It has signed on new customers during the quarter, including Indian Railway Catering and Tourism, State Bank of Patiala, Madhya Pradesh State Electronic Department, West Bengal Education Department and Commercial Taxes

Tulip Telecom is in the process of rolling out 500 route-km of optic fibre in the commercial areas of 10 metro cities. “At present we are totally dependant on wireless bandwidth. Going forward as we complete our fibre network, 70 per cent of our business will be on wireline. Our addressable market will expand from Rs 1,000 crore at present to Rs 2,000 crore,” Col. Bedi said. Tulip Telecom is also looking for acquisitions though there are no concrete proposals at present.

More Stories on : Financial Performance | Telecommunications

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Tulip Telecom Q2 net profit rises 35%

IT firms resort to ‘temporary’ hiring to beat US slowdown

Bharti Airtel revamps internal IT processes through e-tize