MUMBAI, July 23: Videsh Sanchar Nigam Ltd (VSNL) on Wednesday announced a net profit of Rs 504.74 crore for the year to March 31, 1997, an increase of 23.24 per cent on the previous year's Rs 409.56 crore.

Total revenue rose by 18.16 per cent, from Rs 4,473.07 crore to Rs 5,285.30 crore during the same period, boosted mainly by an increase in traffic volume.

The VSNL board, which met in Mumbai on Wednesday, has recommended a dividend of 35 per cent against 45 per cent in the lats year. However, last year's dividend included a 10 per cent dividend to mark 125 years of international telephony. Earnings per share has also gone up from Rs 51.19 to Rs 63.09, a growth of 23.46 per cent.Revenue from specialised services showed an impressive growth of 69 per cent from Rs 126.54 crore to Rs 214.38 crore, although this area brings in only 4.06 per cent of total revenue. The increase came mainly from the 74 per cent increase in sales of leased lines, used by the business community in general and software industry in particular.

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