GTL buys UK-based Genesis for $9mn

The board of directors of GTL, which met today, approved a proposal to acquire UK-based Genesis Consultancy in an all-cash deal for $9 million.

According to a release issued by GTL to the BSE today, the acquisition will be executed through IGTL Solutions (UK), a 100% subsidiary of the company's international arm International Global Tele-Systems (Mauritius).

"Genesis, which offers services to telecom operators and OEMs, is expected to report revenue of $14 million in calendar year 2006. Genesis has zero debt and around $1.9 million in cash," the release added.

Genesis has a pool of over 100 skilled engineers trained on the 3G platform, the release said.

GTL today reported a 77% increase in consolidated net profit at Rs 18.24 crore for the second quarter ended September 30, 2006 when compared with Rs 10.31 crore in Q2FY06.

According to a release issued by the company to the BSE today, total income increased to Rs 235.21 crore from Rs 202.75 crore in Q2FY06.

The company, on a stand-alone basis, posted a net profit after tax of Rs 7.6 crore for the quarter ended September 30, 2006 as against Rs 7 crore in Q2FY06. Total income increased to Rs 145.56 crore from Rs 137.2 2 crore in Q2FY06.