GTL managed a net profit of Rs. 32.78 crore for the first quarter ended June 30, 2008, at a growth of 2% from Rs. 32.14 crore for the corresponding quarter last fiscal. Revenues grew by 11% at Rs. 418.92 crore as against Rs. 376.5 crore for the corresponding quarter in the last financial year. EBIDTA for the quarter ended June 30, 2008 was Rs. 65.08 crore as against Rs. 56.63 crore (post adjustment for IT services operating profit) for the corresponding quarter in the previous year recording y-o-y growth rate of 15%.

The depreciation charges and mark to market losses for the quarter stood at Rs. 11.61 crore and Rs. 5.45 crore respectively as against Rs. 11.44 crore and Rs. 8.22 crore in the corresponding quarter last year.

Manoj Tirodkar, chairman & MD, GTL, said, “The net profit growth for the quarter has gone down largely because the operators are going slowly on the deployments. Also, some of the projects are incomplete and they will be billed out in the second and third quarters. But with a pipeline of contracts worth Rs. 2,366 crore, we maintain our guidance of 25% growth for the year.”

He also revealed that the company is eying acquisitions in the network planning and design, professional services and infrastructure management space in Middle East and African markets in range of $100 million-$250 million.