It is with pleasure that I, on behalf of the Board of Directors and on my own behalf extend a warm and cordial welcome to all of you on the occasion
of the 14th Annual General Meeting of the Company. In spite of pressures on revenues due to average of
around 22% reduction in long distance tariffs, during the financial year, your Company achieved a financial
turnover of Rs.50324.62 million. The audited accounts and the director's report
along with report of auditors
and comments of the comptroller and auditor general of India for the year ended 31st March, 2000 have
been with you and with your permission, I shall take them as read.
The profit before tax was Rs.13999.48 million as against Rs.18898.62
million in the previous year. The net profit of the Company declined by 16.14% from Rs.12972.40 million in the previous
financial year to Rs.10878.46 million during the financial year 1999-2000. Such declines are inevitable in the initial stages of
liberalization of the market.
Your Company's net worth increased to Rs.71203.82 million registering
an increase of 13.94% over the previous year.