Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Info-Tech
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Telecommunications Corporate Results - Telecommunications Mahindra British Telecom net up 36 pc Our Bureau
MUMBAI, June 11 MAHINDRA British Telecom (MBT) has reported a 35.85 per cent growth in net profit, at Rs 171.54 crore for the year ended March 31. The company, which is as yet unlisted, had reported a profit of Rs 126.27 crore the previous financial year. Total income grew 18.13 per cent during the period, to Rs 623 crore from Rs 527 crore during the year under consideration, said a news release issued by the company. The Chairman of MBT, Mr Anand Mahindra, said the company's growth during the year underlines the soundness of its focus on telecom, and its substantial progress in re-engineering the business. "Over 18 months, we have successfully optimised our cost base and reinforced our portfolio of solutions, services and skills. We are now progressing well along the path of building our sales and marketing capabilities globally to enable sustainable customer account and revenue growth." "In the context of continuing price pressures in the market, we anticipate strong top line growth in the next phase of our development, albeit with a reduced margins in line with the industry," he added. The company is also significantly raising its human capital, planning to add around 1,500 to 2,000 jobs during the current year. "We have translated our stated telecom focus into very competitive capabilities and are beginning to get improving, sustainable traction in all our markets globally," said Mr John Helleur, CEO at MBT. However, he said, market conditions are expected to remain tough, with continued pressure on prices and margins. "At the same time we expect that customers will be looking increasingly for solutions and expertise, not bodies. This year will see MBT significantly broaden and deepen its customer base." MBT is a joint venture between the Mahindra group and British Telecom.
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