It is with pleasure that I, on behalf of the Board of Directors and on my own behalf extend a warm and cordial welcome to all of you on the occasion of the 14th Annual General Meeting of the Company. In spite of pressures on revenues due to average of around 22% reduction in long distance tariffs, during the financial year, your Company achieved a financial turnover of Rs.50324.62 million. The audited accounts and the director's report along with report of auditors and comments of the comptroller and auditor general of India for the year ended 31st March, 2000 have been with you and with your permission, I shall take them as read.

The profit before tax was Rs.13999.48 million as against Rs.18898.62 million in the previous year. The net profit of the Company declined by 16.14% from Rs.12972.40 million in the previous financial year to Rs.10878.46 million during the financial year 1999-2000. Such declines are inevitable in the initial stages of liberalization of the market.

Your Company's net worth increased to Rs.71203.82 million registering an increase of 13.94% over the previous year.

Your Directors have been pleased to recommend payment of 30% dividend on the paid up share capital of Rs.6300 million for the full year, including for the shares represented by GDRs, for the third successive year, subject to adjustment of interim dividend of 20% already paid

Your Company provided a record number of 4.15 lakhs new telephone lines during the year under review in Mumbai & Delhi. During the year 1999-2000, your Company achieved the distinction of crossing the 4 million mark for its working lines and almost 100% digitalisation of its network.

I am glad to inform you that your Company has floated a wholly owned subsidiary Company to provide exclusively all value added services and initially to concentrate on internet services so that the Company is able to give focused attention to its market driven services.