Tulip Telecom Q4 net profit up 26%

Tulip Telecom Ltd has reported financial results for the fourth quarter and fiscal year ending March 31, 2011. Tulip posted revenues of Rs. 6.37bn for the fourth quarter ending March 31, 2011, up 20.2% over the previous quarter. With this, the total revenues for the FY 2011 were reported as Rs. 2351.1Crores, up 19.6 % over FY 2010. Further, the company’s net profit for the quarter and the financial year ending March 31, 2011 stood at Rs. 827mn (up 25.7%)  over the previous quarter.

The growth was primarily driven by the enterprise data services business of the company with increased traction in existing and new industry segments.The company further augmented it’s fast growing services portfolio by adding array of new products complimenting its existing products viz. Managed VC, Video Surveillance, Collaboration tools etc. Tulip signed new customers including Apex Bank(Assam), Biocon, GMR Group, HP-India, Honeywell, MRF and TATA Steel to name few. The Company posted a diluted EPS of Rs. 5.09 for the year ending March 31, 2011 up 32.3% over the previous fiscal. With an increase in the volumes, the company has realized significantly higher EBITDA margin for the financial year at 29.3% delivering a growth of 20.8%.

In a statement, Lt. Col. H. S. Bedi, Chairman & Managing Director of Tulip Telecom, said:
“Various initiatives undertaken during the last few years bring us closer to achieving our vision of migrating from an Enterprise Connectivity provider to an integrated Enterprise Data Service player. Our focus now is on consolidating the management team with a view to enhance operational efficiencies whilst increasing customer satisfaction by augmenting our service delivery processes and product offerings which we believe, should pave the path for future growth.”

Sanjay Jain, CEO, Tulip Telecom, further added to the operational and financial performance“We are glad to close the year on a robust note. Offering an end-to-end data solution to our customers has not only enabled us to increase our share in the Enterprise Data Service market to 12.7% but also has facilitated us in achieving a higher wallet share of our customer’s which is reflected in improved top-line and bottom-line performance. Enhancing efficiencies whilst maximizing revenues per customer has facilitated a notable rise in our operating margins”

Major achievements in FY2011

Company building India’s largest and World’s 3rd largest Data center in Bengaluru, India, with an overall investment of 900 cr spread over 3 years.  Further, appointed IBM as the design consultant and SCHNABEL, as a peer review consultant for the ambitious project.
Entered into a joint venture with Qualcomm for its BWA venture in India.
The company entered into a Network-to-Network Interconnection and joint marketing arrangement with Hutchison Global Communication (HGC). The arrangement to strengthen company’s global connectivity portfolio. Also strongly complementing companies earlier investment in building 6 global (POP’s)
Company moving strongly in the process of creating one of the best integrated fibre “last mile” networks in the country. With over 300 cities already covered to provide high quality end-to-end data connectivity solution.
Won R-APDRP project for the state of Andhra Pradesh – project value Rs. 32 crore spread over 5 years. Taking companies overall tally of R-APDRP projects to 5(Uttarakhand, Uttar Pradesh, Punjab and Gujrat, with a combined order value of over INR 240 Crores spread over a period of 5 years.
The company further strengthened its Management team with appointment of various senior professionals viz. Rahul Ahuja as the CFO, Mr. Rajesh Duggal as President Sales, Government Business and Mr. Jitendra Israni as the Chief Services Officer(CSO)

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