Essar Group firm AGC Networks Ltd today reported an over three-fold increase in net

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profit to Rs 18.2 crore for the quarter ended December 31, 2011.

The company had posted a net profit of Rs 5.7 crore for the October-December quarter last year, AGC Networks Ltd said in a statement.

"The positive outlook for Q3 is an apt reflection of our 10-cube growth strategy -- that of multi-product, multi-partner and multi-geography. We have increased our OEM partnership portfolio significantly to address the complete gamut of our solutions portfolio," AGC Networks Ltd Managing Director and CEO S K Jha said.

Revenues rose to Rs 241.4 crore in the quarter under review from Rs 131.8 crore in the same period last year.

Aegis, a subsidiary of Essar, holds a 75 per cent stake in AGC Networks and the rest is held by the public.

Meanwhile, in a filing to the BSE, the company said its board of directors has approved entering into a joint venture agreement in the Saudi Arabia to provide IT and ITES services.

However, the company did not disclose details of the agreement.

In addition, the board took note of the resignation of Debashis Chatterjee from the directorship of the company with effect from December 19, 2011.