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Surana Telecom 9-month net up 794%

HYDERABAD: Surana Telecom Ltd (STL), part of the Hyderabad-based Surana Group, has registered a growth of 196 per cent in turnover and 794 per cent in post-tax profit for the nine months period ended December 31, 1999. While the turnover stood at Rs. 49. 53 crores (Rs. 16.71 crores), the post-tax profit was Rs. 4.09 crores (Rs. 45.85 lakhs).

According to the unaudited financial results for the third quarter ended December 31, 1999 taken on record by the board here on Tuesday, STL achieved a sales turnover of Rs. 20.99 crores (Rs. 9.09 crores), other income of Rs. 4.72 lakhs (Rs. 26.4 lakhs) and a post-tax profit of Rs. 1.59 crores (Rs. 75.67 lakhs) on an equity of Rs. 4.35 crores.

For the period under review, the company incurred an expenditure of Rs. 18.28 crores (Rs. 7 crores) and provided Rs. 16.92 lakhs towards interest (Rs. 55.6 lakhs) and Rs. 99.54 lakhs towards depreciation (Rs. 1.04 crores).

For the year ended March 31, 1999, the company posted a sales turnover of Rs. 30.4 crores, other income of Rs. 40.92 lakhs and a net profit of Rs. 1.18 crores with reserves amounting to Rs. 9.36 crores.

To enter telecom services: At an extra-ordinary general meeting held later during the day, the STL shareholders have approved amendments to the Objects Clause of the Memorandum of Association, facilitating the company to diversify into basic and cellular telecom services and software development.

In a press communique here, the STL Managing Director, Mr. Narendra Surana, said the company has recently developed in-house the technology for the manufacture of fibre re-inforced plastic (FRP) used in optical fibre cable manufacture, hitherto being imp orted. The company expects to commence commercial production of FRP from June.

STL has also received the type approval recently from the Department of Telecom for jelly-filled telephone cable Group-2. The company can now supply higher size cable of up to 800 pair to DoT. While DoT was finalising the next round of tenders for jelly- filled cable, STL was expecting to bag orders worth Rs. 12 crores by the month-end, he added.