Originally known as Goldstone Engineering Ltd, engaged in manufacture of telecom jointing kits, the company has diversified into software development and changed its name. Out of the total income of Rs 13.55 crore, GTL has billed Rs 9.35 crore on telecom business and income from software business accounted for Rs 4.20 crore for the period under review. It has posted a net profit of Rs 2.40 crore for the first half year, recording a growth of 85 per cent over the previous year same period profit of Rs 1.30 crore.

According to the company sources, the proposed merger process of two US based software companies-Goldstone Softech USA Inc, and Newtech Stewing Telecom Ltd-(subsidiaries of GTL) is expected to be complete by March, 2000.

The company has already made applications to RBI and FIPB for their approvals. As per the combined performance of the company, including the turnover of two of the subsidiaries in US, it has posted a total sale of Rs 22.30 crore, out of which Rs 14.45 crore from telecom business and Rs 7.85 crore from software business.