The turnover also dipped to Rs 34.93 crore in the quarter as against Rs 36.76 crore last year. The company's foreign exchange earnings were also lower at Rs 16.71 crore in the quarter as against Rs 20.21 crore last year.

The company had a net profit of Rs 4.29 crore in the nine months ended December 31, 1998 as against Rs 14.42 crore in the same period of last year. The turnover in the nine month period was Rs 82.73 crore as against Rs 91.43 crore in the same period last year.

The foreign exchange earnings in the nine month period ended December 31 were Rs 44.48 crore as against Rs 48.08 crore last year.

The board of directors of the company took on record the financial results on Friday. Gross profit of the company was Rs 7.87 crore for the quarter ended December 31, 1998 as against Rs 10.51crore. Profit before tax was also lower at Rs 6.03 crore from Rs 8.77 crore last year. The provision for taxation was lower despite a lower provision for tax at Rs 63 lakh as against Rs 93 lakh last year.