The company's total income increased to Rs 98.43 crore from Rs 45.81 crore, of which overseas income accounted for Rs 96.38 crore, up from Rs 43.79 crore. Total expenses increased to Rs 66.82 crore from Rs 32.08 crore. The company's profit before tax was Rs 26.67 crore (Rs 10.18 crore).

The company's total income and profit before tax increased by nearly Rs 5.11 crore and Rs 2.04 crore owing to the exchange-rate fluctuation. The company says its income included a one-time non-recurring gain of Rs 1.28 crore from the translation of outstanding foreign currency bank balances and accounts receivable as on March 31, 1998. The company made a provision of Rs 1 crore towards investment in Yantra Corporation, its American subsidiary, in the firstquarter.

The net revenue for Yantra for the quarter was $ 23.94 million ($ 12.79 million) Net profit increased to $ 5.76 million ( $ 2.67 million) for the quarter.