Mumbai: Telecom equipment manufacturer GTL today reported a 18.11% decline in its consolidated net profit at Rs32.14 crore for the third quarter ended 31 December, 2008.
The firm had a net profit of Rs39.25 crore in the third quarter of FY’08, GTL Ltd said in a filing to the Bombay Stock Exchange.
The total income rose nearly 4% to Rs467.81 crore during the quarter under review, from Rs450.31 crore in the year-ago period.
On a standalone basis GTL reported a 31% fall in its net profit at Rs22.28 crore. However, the standalone total income stood at Rs341.83 crore, against Rs362.23 crore in the corresponding period a year-ago, it added.
Further, the board has approved a buyback of shares to the tune of Rs225 crore. The maximum buyback price has been fixed at Rs260 per shares.
Under the share buyback programme the company would buyback equity shares up to 25% of the net worth of the company as on 31 March, 2008 and up to 25% of the paid-up equity capital subject to requisite approval
Shares of GTL closed at Rs220.85, up 0.39% on the BSE.