Jan. 20 (PTI): Sunil Mittal-owned Bharti Televentures today announced that the company has reported Rs 847 crore revenue earnings for the third quarter ended December 2002.
During the reporting quarter, operating profit of the company was Rs 240 crore, an official statement said here.
Commenting on the company’s performance, Sunil Bharti Mittal, chairman and group managing director, said, “We have been able to contain our expenses to the level of the previous quarter and hence, significantly improve our profitability to bring about a sequential reduction of 95 per cent in our net losses.”
The company has achieved near break-even with cash losses in the third quarter down to just Rs 7 crore compared with Rs 129 crore in the second quarter of this fiscal.
The statement attributed the company’s strong performance to its quick and successful rollout of 16 new projects, demonstrating its strong performance capability and execution skills.
Bharti has also recently received security clearance for its submarine cable landing station to offer international data services, which is likely to further improve its long distance revenues, it said.
Bharti group operates in various areas of telecom services, including basic, cellular, national long distance and international long distance services.
The company’s revenue for the nine-month period from April to December was Rs 2,043 crore, while the operating profit was Rs 499 crore.
Funded equity of the company as on December 31, 2002 was approximately Rs 5,184 crore while the net debt was Rs 3,084 crore, the statement said.
It said the company’s customer base has grown from 13 lakh to 31 lakh within a period of 12 months.
ITC Hotels net Rs 3cr
ITC Hotels, a subsidiary of ITC Limited, today said that it has generated Rs 2.94 crore net profit for the third quarter ended December 2002.
Net income from operations was Rs 33.40 crore during the reporting quarter, a company statement said here.
Gross operating profit stood at Rs 6.08 crore during the period.
ITC Hotels has 44 hotels in 40 destinations across the country.
Aztec Software loss
Aztec Software and Technology Services Ltd has posted a consolidated net loss of Rs 28 lakh for the third quarter ended December 31, 2002 as against a net profit of Rs 2.36 crore in the same period last financial year.
The total income for the period under review also dropped to Rs 13.5 crore from Rs 14.85 crore in the October-December 2001 period, the company informed the Bombay Stock Exchange today.