The Hindu Business Line : Tulip IT net up 83%

NEW DELHI: Tulip IT Services, end-to-end IP data connectivity and network integration provider, on Friday posted 83.16 per cent rise in its net profit at Rs 37.09 crore for the second quarter ended September 2007. The net profit was Rs 20.25 crore in th e corresponding period last year. The company posted revenues of Rs 264.92 crore, up 43.02 per cent as compared to Rs 185.22 crore in the same period previous year.

The strong growth in the IP/VPN business and a further change in the revenue mix led to stronger EBITDA of Rs 57.96 crore against Rs 28.84 crore in the corresponding quarter last year and a stronger net profit margin of 14 per cent against 10.93 per cent in the corresponding quarter last year.

Earlier this year, Tulip had raised $150 million to meet capital expenditure requirements for strengthening and expansion of its connectivity infrastructure, creation of additional data centres, eGovernance infrastructure projects and for inorganic growt h.

The new customers acquired this quarter include the West Bengal Government, Jet Airways, Orange Business Services, Vodafone, Future Group, Reliance Cap, Aditya Birla Retail, Birla Sun Life, L&T among others, the statement added. - PTI

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