Tulip has announced its un-audited financial results for the quarter ended June 30, 2012. Tulip posted revenues of Rs. 716.5 Cr for the quarter, up by 9.6% over the same quarter last year. During this period, net profits registered a growth of 46.5%.
During the quarter, Tulip also divested 13% stake in Qualcomm’s BWA venture to Bharti Airtel. The Company, in July 2012, divested 13% stake in Qualcomm’s BWA venture. The proceeds from the divestment are to be utilized to strengthen balance sheet and drive growth. The PAT declared includes a one-time profit of Rs 61.6 crores from the sale of 13% stake in Qualcomm’s BWA venture.
The company also announced the appointment of Dinesh Kaushal as Director – Finance. Dinesh will be responsible for key financial functions within the organization. He has earlier worked with Tulip Telecom as a CFO from 2000 to 2009.
Lt. Col. H. S. Bedi, Chairman & Managing Director, Tulip Telecom, said, “In the present state of the macro-economic environment, Tulip continues to register steady growth in revenues and operating profit. Our focus on building operational efficiency and increasing manpower productivity has enabled us to keep our costs under control. At the same time, business in the new segments continues to grow at a steady rate along with the existing connectivity business. While the near term outlook is mixed, we are confident of leveraging our extremely valuable and state-of-the-art infrastructure over the longer term to post healthy performance on a sustainable basis.”
