The Hindu Business Line : Hughes Soft net up 63% in Q1; eyes buys

HUGHES Software Systems has registered a 63 per cent growth in its net profit for quarter ended June, 2004 at Rs 24.7 crore. It has said it is eyeing acquisition of Indian or overseas firms in Business Process Outsourcing (BPO) and Telecom Service Provider (TSP) business segments.

On a standalone basis, HSS' sales during the quarter touched Rs 108.3 crore, a 42-per cent jump over the corresponding quarter previous year.

The company has also revised upwards its guidance for 2004-05.

"We had earlier given a guidance of 25-30 per cent topline growth for the year, and we have now revised it upwards by five points, primarily looking at first quarter results. Similarly the new net profit growth guidance is 33-37 per cent for the financial year against 28-32 per cent predicted earlier," Mr Arun Kumar, President and Managing Director of HSS said at a news conference here on Tuesday.

On a consolidated basis, HSS, along with its subsidiary Tenet Technologies, reported sales of Rs 109.4 crore while the profit after tax stood at Rs 24.6 crore, during the first quarter.

"We will continue to look for acquisitions and we expect that our new shareholders will be more aggressive in looking at acquisition opportunities," Mr Kumar said.

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