Ortel becomes profitable in 2014-15

Mumbai: Bhubaneswar-based communications company Ortel Communications, which concluded an Initial Public Offering (IPO) during January-March 2015, on Monday said its net profit for the 2014-15 fiscal stood at Rs.5.6 crore against a loss of Rs.13.8 crore incurred during the previous fiscal.

In a regulatory filing with the National Stock Exchange, the company said its net revenue for the time period under review increased by 21.5 percent at Rs.161.1 crore against a net revenue of Rs.132.6 crore during 2013-14.

“Our EBITDA (earnings before interest, taxes, depreciation and amortization) margins stood strong at 37 percent during 2014-15 as compared to 31 percent during 2013-14,” the company’s president and CEO Bibhu Prasad Rath said in a statement.

The company which has presence in digital, broadband and cable television service along with Voice Over Internet Protocol (VoIP) raised Rs.108.6 crore through the IPO by issuing 60,00,000 equity shares at a price value of Rs.181 per equity share.