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Videsh Sanchar Nigam (VSND)

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Wednesday 02 February, 2000

Videsh Sanchar Nigam

3rd Quarter & 9 Mths Results

Videsh Sanchar Nigam Limited
31 January 2000



                  UNAUDITED FINANCIAL RESULTS (PROVISIONAL)
                   FOR THE QUARTER ENDED 31 DECEMBER 1999

                                                           (Rupees in million)

Particulars              For the Quarter      For the Nine        For the Year
                              ended*          months ended*          ended
                       31.12.99  31.12.98  31.12.99  31.12.98     31.03.99
                     (Unaudited)(Unaudited)(Unaudited)(Unaudited) (Audited)

1. Net Sales/Income
   from operations     16628       16971     50182      48980      68315
2. Other Income          191         326      2324       3769       3441
   Total Income        16819       17297     52506      52749      71756
3. Total Expenditure
   (Including Prior    12242       13119     36810      37267      51812     
    Year)
4. Interest                0           0         0          0          0
5.(a) Gross Profit(+)/  4577        4178     15696      15482      19944
   Loss(-) after 
   interest but before
   depreciation and
   taxation ((1+2)-(3+4))
5.(b) Gross Profit      4386        3852     13372      11713      16503
  (excluding other income
6. Depreciation          199         204       678        577        800
7. Provision for        1394        1290      5018       4861       5894
   Taxation             
8. Net Profit(+)/Loss(-)2984        2684     10000      10044      13250
   (5(a)-(6+7))         
9. Paid-up Equity Share  950         950       950        950        950
   Capital               
10.Reserves excluding      -           -         -          -      53256
   revaluation reserves
   (as per balance sheet
   of previous accounting
   year).
11.Earnings per share (Rs.)-           -     140.35     140.97    139.47
                                         (Annualised)(Annualised) 



1. The above results were taken on record by the Board of Directors of the
   Company at its Meeting held on 31 January 2000.
2. Interest on GDR Funds has been considered as income earned during the
   construction period and adjusted against carrying cost of the assets as done
   in the past.
3. Figures of previous year have been regrouped wherever necessary.
4. Gross sales for the quarter ended 31 December, 1999 are on the basis of 
   proposed revised Total Accounting Rates (TAR) which are approximately 10%-   
  14% lower than the TAR applicable for the corresponding period in the   
   previous year.
5. *Prior year income/expenditure has been adjusted under the respective heads.
6. ICO Global Communications (Holdings) Limited filed a voluntary petition for
   reorganisation under Chapter 11 of the United States Bankruptcy Code on
   27 August 1999.  VSNL has invested in the ordinary shares of ICO Global
   Communications (Holdings) Ltd. to the tune of USD150 million (equivalent to
   Rs.5179 million).  The Chapter 11 filing enables ICO Global to continue  
   normal business operations while it develops a Plan of Re-organisation under
   the protection of this chapter.  US Court of Bankruptcy is presently seized
   of restructuring plan of ICO.  The restructuring plan would involve        
   substantial reduction in the equity stake of the existing investors in the
   restructured ICO.  Pending approval of the restructuring plan by the court,
   no provision has been considered by the Company for probable diminution in
   the value of investment in ICO Global which is indeterminate at this stage.
7. The Company has successfully achieved the Y2K transition.  All the hardware,
   software and systems are Y2K compliant and are fully functional.



                                                                   

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