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VSNL's net rises despite topline tremors - Views on News from Equitymaster
 
 
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  • Feb 1, 2000

    VSNL's net rises despite topline tremors

    Videsh Sanchar Nigam Limited (VSNL) has posted a 2% decline in net sales for the quarter ended 31st December 1999. The company has however posted an 11% rise in profits.

    VSNL (FY99 Income Rs 71.76 bn) is India's monopoly provider of international telephony services. It also provides telex and telegraph services as well as value-added services such as leased lines, e-mail, Internet and video conferencing.

    (Rs m) 3QFY2000 3QFY1999 Change
    Net Sales 16,628.0 16,971.0 -2.0%
    Other Income 191.0 326.0 -41.4%
    Expenditure 12,242.0 13,119.0 -6.7%
    Interest - -  
    Depreciation 199.0 204.0 -2.5%
    Profit before Tax 4,378.0 3,974.0 10.2%
    Tax 1,394.0 1,290.0 8.1%
    Profit after Tax/(Loss) 2,984.0 2,684.0 11.2%
    Net profit margin (%) 17.9% 15.8%  

    The company has posted a decline in net sales and other income during the quarter. However, the sharp decline in operating expenditure has helped the company pull through a rise in profits. The decline in sales has been attributed to the lower tariff rate implemented by the Trai. Value-added services provided by the company continued to register a sharp rise during the quarter.

    The company Internet related revenues grew by 211% during the quarter. VSNL continues to be the leader in the domestic markets with over 322,000 subscribers.

    VSNL has failed to make provisions for its investment (US$ 150 m) in the now bankrupt ICO Global, a satellite telephony company. As and when these provisions are made, the company's bottomline could take a beating.

     

     

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