Financial Daily from THE HINDU group of publications
Tuesday, Apr 13, 2004
Financial Daily from THE HINDU group of publications Tuesday, Apr 13, 2004 |
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Info-Tech
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Financial Performance Corporate Results - Software Hughes Soft net doubles; to pay 50 pc dividend Our Bureau
New Delhi , April 12 HUGHES Software Systems Ltd on Monday reported that its net profits had doubled during 2003-04 to Rs 77.40 crore from Rs 37.9 crore on a sales income of Rs 358.3 crore. The company's turnover during 2002-03 was Rs 220.4 crore. After including the financials of the company's subsidiary Tenet Technologies Ltd, the net profit for the recently ended financial year comes to Rs 76.9 crore on a sales turnover of Rs 360.4 crore. Despite the appreciating rupee causing an exchange loss of Rs 2.6 crore in the last quarter of 2003-04, Hughes Software posted a 53.6 per cent rise in its consolidated net profit at Rs 21.2 crore for the quarter-ended March 2004. The sales during the quarter crossed the Rs 100-crore mark to touch Rs 101.9 crore, an increase of 60 per cent on an year-on-year basis. The board of directors have recommended a dividend of 50 per cent for 2003-04. For the current financial year, Hughes Software has projected a 28-32 per cent rise in net profit and a 25-30 per cent year-on-year growth in sales. Announcing the results, HSS' Managing Director and President, Mr Arun Kumar, said that the company had met its guidance in terms of sales and the demand continued to remain strong as telecom outsourcing was beginning to accelerate. "The appreciation of rupee continues to pose a significant challenge for all IT companies on profitability, and Hughes Software is no exception. Crossing the quarterly sales Rs 100 crore is a major milestone for us and the demand flow continues to remain strong as telecom outsourcing is beginning to accelerate," Mr Kumar said. He said that Hughes Software had fewer but large deals on the cards. But he did not disclose the size of those deals. Last year, the company had bagged a $100 million deal from Lucent to be executed over several years. On acquisitions, Mr Kumar said the company was eyeing companies both in the BPO and IT space with telecom service provider (TSP) practice in India and overseas. The company acquired Bangalore-based Tenet Technologies last year for Rs 18 crore.
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