GTL posts Rs 214-million net profit in Q1

Mumbai: GTL Ltd has posted a net profit of Rs 214.30 million for the quarter ended 30 June 2002 as compared to Rs 270.90 million in the quarter ended 30 June 2001.

The total income has increased from Rs 1,338.10 million in the quarter ended 30 June 2001 to Rs 1,348.70 million in the quarter ended 30 June 2002.

Under the consolidated results, the company has posted a net profit of Rs 245.50 million for the quarter ended 30 June 2002 as compared to Rs 278.30 million in quarter ended 30 June 2001. The total income has increased from Rs 1,405.10 million in the quarter ended 30 June 2001 to Rs 1,507.90 million in the quarter ended 30 June 2002.

GTL says the nomination and remuneration committee of the board of directors of the company at its 13th annual general meeting held on 30 July 2001 made allotment of 47,053 equity shares of Rs 10 each for cash at a premium of Rs 90 per share in terms of the Employee Stock Option Scheme (ESOS) of the company, upon exercise of right of conversion of warrants into equity shares by its employees.

The committee has also made fresh allotments of 17,000 warrants to eligible employees of the company under ESOP 2001 and 16,000 warrants to the employees of its subsidiary under ESOP 2001 (Subsidiary), approvals for which were obtained from the company’s shareholders at the meeting.