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Our Bureau

Hyderabad , May 2

THE board of directors of Surana Telecom Ltd (STL) has resolved to restructure the company's business and to demerge its infrastructure business by transferring it to a new company.

The move was to position itself as a telecom company and create strong market capitalisation, the company informed stock exchanges on Monday.

For the quarter and fiscal ended March 2005, the company has recorded a significant growth in both turnover and post-tax profit. While approving the audited financial results, the board has recommended a dividend of 20 per cent for the year.

For the quarter, the company posted a turnover of Rs 30.53 crore as compared with Rs 29.34 crore in the corresponding quarter of previous fiscal. It reported a net profit of Rs 3.02 crore (Rs 2.43 crore).

For the fiscal ended March 2005, the company posted a net profit of Rs 12.46 crore on a turnover of Rs 119.17 crore as against a net profit of Rs 4.27 crore on a turnover of Rs 45 crore in the previous fiscal.

The STL board has also approved a proposal to issue partly convertible securities and/or preferential issue of shares. The board authorised the Managing Director, Mr Narendra Surana, and Director, Mr Devendra Surana, to initiate further steps in accordance with the statutory requirements, the stock exchanges were informed.

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