GTL posted net profits of Rs 53.26 crore at a 77% rise as compared to last year’s figures with main reason for this being the gain recorded in forex hedging contracts the company took out on its $150-million debt due in 2011.

Revenues too grew by 17% to Rs 490.71 crore while operating profit after interest stood at Rs 42.43 crore.

Company’s board has now decided to cancel its earlier planned share buyback at Rs 260 a share citing the company’s strong performance in the markets.