Tulip IT Services net profit up 265 p.c for FY06

NEW DELHI: Tulip IT Services Ltd, provider of end-to-end data connectivity,

has recorded a 265 per cent increase in net profit to Rs 48.80 crore for the

financial year ended March 31, 2006. The company had recorded a net profit of Rs

13.91 crore in the last financial year. Tulip also recorded 49 per cent growth

in revenue to Rs 508.17 crore.

Tulip IT services' network integration business strengthened its foothold,

contributing to 84 per cent of the total turnover. The network integration

business grew by 16 per cent. The company currently has 10,500 MPLS VPN connects

in India.

Tulip also announced major investments plans to increase the reach of

TulipConnect, MPLS enabled Internet Protocol Virtual Private Network (IP/VPN).

“At present, TulipConnect has expanded its reach to over 540 cities with a

total investment of Rs 180 crore. We plan to expand this network to 800 cities,”

said Tulip MD Lt. Col. HS Bedi.

He added, “With an increase in investments, expansion of TulipConnect and

launch of Level 3 Data Centers, we aim to create a leadership position in the

data connectivity market and to continue to be at the forefront of the growing

data-com market.”

The company also plans to make additional investment to launch four Level 3

data centers in Mumbai, Delhi, Bangalore and Chennai. The company plans to open

numerous additional support centers and also be increasing its staff strength

from 850 to 1,500 employees. The company aims to ramp up its sales and wireless

engineers team.

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