Mumbai, May 29: Videsh Sanchar Nigam, the international long distance service provider, has registered a 44 per cent lower net profit at Rs 780.1 crore in 2002-03 as against Rs 1,407.4 crore reported in 2001-02.
Mirroring the slide in international long distance (ILD) tariffs, VSNL’s total income dropped 32.12 per cent from Rs 7,089 crore in 2001-02 to Rs 4,812.5 crore in the year ended March 31, 2003.
The company’s fourth-quarter net profit was down 39 per cent at Rs 191.1 crore against Rs 316.3 crore posted in the previous corresponding quarter.
Total income in the reporting quarter also declined from Rs 1,776.1 crore in the March-2002 quarter to Rs 1,038.3 crore.
VSNL has recommended a final dividend of Rs 8.50 per share for the year ended March 31, 2003.
The contribution of data and other value-added services to VSNL’s revenues during the year has increased 11 per cent in 2001-02 to 25 per cent in 2002-03.
Arvind Mills net up
Arvind Mills has posted a higher net profit of Rs 129 crore in 2002-03 as compared with Rs 20 crore in 2001-02.
Sales for the year stood at Rs 1,479 crore as compared with Rs 699 crore in the previous year — an annualised growth of 6 per cent. Export sales contributed 50 per cent of total sales in the reporting year.
For the fourth quarter ended March 31, 2003, the company’s net profit rose 280 per cent at Rs 38 crore against Rs 10 crore in the previous corresponding quarter.
Net sales for the quarter rose 15 per cent at Rs 391 crore.
“Arvind is uniquely poised to take advantage of the free trade after the abolition of quota. We have already commenced the vertical integration process and will set up the activities in next few years. Vertical integration will provide the growth and de-commoditise the business,” managing director Sanjay Lalbhai said.
Arvind expects the fortunes of the textile industry to dramatically change for the better with the dismantling of quantitative restrictions by the end of 2004.