April 30 :    April 30:  Videsh Sanchar Nigam Ltd (VSNL) has recorded a 87.74 per cent rise in net profit at Rs 1,577.6 crore for the financial year ended March 31, 2001, compared to Rs 840.3 crore in corresponding period of previous fiscal. The turnover during the year rose by 7.54 per cent to Rs 7,876.5 crore against Rs 7,323.7 crore last year. The company handled 2694 million minutes of international telephony traffic during the year while internet subscriber base grew from 3.66 lakh to 6.30 lakh. ' VSNL has started looking beyond its role as the government licensed sole provider of international telephony. VSNL has long term plans to add value to the investors, who have reposed faith in the company. It also has the inherent strengths born out of strong cash reserves, to invest in many of its projects, without having to borrow from the market,' S.K. Gupta , chairman cum managing director said. Commenting on the financial results, Gupta said the growth in physical performance has been translated into excellent financial performance and the net profit of VSNL for the year. EGM in Mumbai on Wednesday The VSNL board has called an extraordinary general meeting at Mumbai on Wednesday to discuss the compensation package offered by the government in lieu of its advanced demonopolisation. The government has offered to provide licence to VSNL for national long distance telephony. The government has also agreed to pay VSNL a sum equal to the amount paid by it as entry fee and licence fee for a period of five years commencing from April 1, 2001 net of taxes. VSNL will also be granted category 'A' internet service providers licence which will enable it to provide internet access all over the country. The government can also consider additional compensation if found to be necessary on a detailed review when undertaken. At present, the government holds 52.97 per cent equity of VSNL with 30 per cent equity represented by depository receipts issued abroad, listed on the New York Stock exchange. The balance equity is held by general public, FIIs and companies.The scrip is trade on the major stock exchanges of the country.