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Videsh Sanchar Nigam (VSND)

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Tuesday 27 June, 2000

Videsh Sanchar Nigam

Final Results

Videsh Sanchar Nigam Limited
27 June 2000


Letter to: Company Announcements Office

                         Videsh Sanchar Nigarn Limited

                         (A G0VT OF INDIA ENTERPRISE)


Sub: Decisions at Board Meeting for consideration of Annual Accounts.

This is further to our letter No. HQ/CS/CL.24B/7534 dated 15 June 2000. Please 
be informed that the Board at 108th meeting held on 27 June 2000 at Mumbai have
considered Annual Accounts for the financial year ended 31 March, 2000 and have
recommended final dividend in total of 80% (including interim dividend of 60%)
for the year 1999-2000 before submitting the accounts to the statutory auditors
for their report thereon.

2.  Please also be informed that the Board could not consider any other major 
agenda note and hence had to defer consideration of the proposal to consider
recommending to the shareholders, appropriate increase in Authorised Capital of
the Company, Issue of Bonus Shares and amendment of Objects Clause for the next
Board Meeting. This is due to the reason that the outstation Board Members could
not reach the Board Meeting till lunch time due to traffic disturbance between
airport and the venue of the meeting.


Letter from: Videsh Sanchar Nigam Limited


                                   

(I)         FINANCIAL RESULTS FOR THE YEAR ENDED ON 31 MARCH 2000

                                                                 (Rs. in lakhs)
Particulars                  For the year ended on       For the year ended on
                                   31.3.2000                     31.3.99
 
Net Sales                          696,759.66                  683,146.64

0ther Receipts                      26,291.22                   34,410.16

Total Income                       723,050.88                  717,556.80

Total Expenditure                  519,318.71                  513,015.53

Gross Profit:(before deducting 
any of the following)              203,732.17                  204,541.27
Interest                               115.02                        0.00
Provision for Depreciation           9,344.62                    7,990.98
Provision for Taxation:
-Current year                       63,753.00                   57,912.00
-Earlier years                          -                        1,028.26
-Excess Tax provision written back      -                            0.00
Others, if any (Prior period items) 46,491.89*                   5,115.00

Net Profit                          84,027.64                  132,495.03

Surplus brought forward                996.82                      937.79
Amount available for appropriation  85,024.46                  133,432.82

Appropriation of Profit and/Reserves:
(a) Proposed Dividend 
(incl. 60% interim dividend)         7,600.00                    7,600.00
(b) Tax on Proposed Dividend         1,045.00                      836.00
(c) General Reserves                75,000.00                  124,000.00

Cumulative Profit/(Loss)             1,379.46                      996.82

Dividend (in Rs.):
(a) per ordinary share;                  8.00                        8.00
(b) per right share; if any               N.A                         N.A
(c) per bonus share; if any               N.A                         N.A
(d) per share arising on conversion 
of debentures                             N.A                         N.A
(e) per preference share                  N.A                         N.A

Paid up Equity Capital               9,500.00                    9,500.00

Reserves, except revaluation                         
reserves                           607,697.55                  532.555.58

*Includes a sum of Rs.51,275.96 lakhs pertaining to write down of investment in
ICO Global Communications (Holdings) Limited.


(II)  Particulars of proposed Right/Bonus
issue, if any                                     :  None

(III) Date of closure of Register of Members
and purpose (Please give 30 days's advance
notice)                                           :  To be decided

(IV)  Date from which the dividend is payable     :  The date of the Annual 
                                                     General Meeting.
(V)   Remarks/Qualifications, if any              :  None.