Tulip Telecom Limited (Tulip), India’s leading enterprise data service provider today announced its un-audited financial results for the quarter ended June 30, 2012. Tulip posted revenues of Rs. 716.5 Cr for the quarter, up by 9.6% over the same quarter last year. During this period, net profits registered a growth of 46.5%.
Key highlights of the Quarter
Density of fiber network continues to expand in existing cities
· Enduring focus on higher wallet share per customer by end-to-end connectivity solutions through Fibre
· Added several new customers during the quarter including National Informatics Center Services, Director General of Police, Mahindra Satyam among others
Won order for Rs. 87.2 crore from Unique Identification Authority of India (UIDAI) for its project ‘Adhaar’ for 3 years and is extendable further. In addition to 10,000 sq. ft. of Data Centre space, Tulip will also provide a support area for UIDAI
During the quarter, Tulip also divested 13% stake in Qualcomm’s BWA venture to Bharti Airtel. The Company, in July 2012, divested 13% stake in Qualcomm’s BWA venture. The proceeds from the divestment are to be utilized to strengthen balance sheet and drive growth. The PAT declared includes a one-time profit of Rs 61.6 crores from the sale of 13% stake in Qualcomm’s BWA venture.
The company also announced the appointment of Mr Dinesh Kaushal as Director – Finance. Dinesh will be responsible for key financial functions within the organization. He has earlier worked with Tulip Telecom as a CFO from 2000 to 2009.
Commenting on the Q5 FY2012 results, Lt. Col. H. S. Bedi, Chairman & Managing Director, Tulip Telecom, said:
“In the present state of the macro-economic environment, Tulip continues to register steady growth in revenues and operating profit. Our focus on building operational efficiency and increasing manpower productivity has enabled us to keep our costs under control. At the same time, business in the new segments continues to grow at a steady rate along with the existing connectivity business.
While the near term outlook is mixed, we are confident of leveraging our extremely valuable and state-of-the-art infrastructure over the longer term to post healthy performance on a sustainable basis.”
To view Q5 FY12 results, please click on: www.tulip.net
About Tulip Telecom Ltd.
Tulip Telecom Ltd. (BSE: 532691/NSE: TULIP) is India’s leading Enterprise Communications Service provider. The Company’s data network has the largest reach of over 2,000 locations globally. The Company has a global presence with over 5000 employees and more than 2,500 customers. Tulip designs, implements and manages communication networks of large enterprises on long term contracts to include enterprise communications connectivity, network integration, managed services and Data Centers.
Sourced From: Genesis Burson-Maresteller
