Tulip Telecom registered a 8.2% dip in its Q3 net profit to reach Rs 49.64 crore. The company attributed this drop to foreign exchange fluctuations amounting to Rs39.1 crore for the nine moth period ended December 31.

Revenues increased by 32.6 % to Rs 441.78 crore against Rs 333.12 crore for the corresponding quarter in the previous fiscal.

Lt. Col. H.S. Bedi, Chairman and Managing Director, Tulip Telecom, said: “I am extremely pleased with the growth of Tulip Telecom as an end-to-end data service provider. According to Frost and Sullivan, Tulip has evolved as the undisputed leader in the VPN market space with a near 38 per cent market share.

“With our fibre rollout gaining high traction with the enterprises, we are now in a position to provide a much larger service bouquet comprising domestic & international bandwidth, as well as enterprise Internet access services.”