UNAUDITED FINANCIAL RESULTS
(PROVISIONAL) Q1 - FY 2002-03
HINDUJA TMT ('HTMT') Q1 NET RISES 39.6% TO Rs. 14.24 CRORES.
NET PROFIT FROM IT ACTIVITIVES RISES 108% TO RS. 11.68 CRORES. THE BOARD RECOMMENDS 60% DIVIDEND FOR FY 2001-02
HTMT has posted 67.5% increase in the total income to Rs. 24.61
Crores and a 39.6% increase in the net profit to Rs. 14.24 Crores
for the first quarter ended June 2002 as compared to the corresponding
quarter of the previous year. Income from its core business
of IT, increased by 91.50% to Rs. 20.24 Crores from Rs. 10.57
Crores and net profit by 108% to Rs. 11.63 Crores from Rs. 5.59
Crores
During the quarter, Income from IT activities grew sequentially
by 41.1%, from Rs. 14.35 Crores in the quarter ended 31st March
2002 to Rs. 20.24 Crores and the net profit increased by 51.2%,
from Rs. 7.69 Crores to Rs. 11.63 Crores.
HTMT's IT business continued on its growth trajectory during
the quarter. As a result of the Company providing consistent
top quality & highly reliable service to its clients, IT
enabled services business (both Claim Processing & Call
Centre) was further ramped up and now has 938 employees as compared
to 748 employees as on 31st March 2002 (increase of 25.4%).
The total staff strength, including IT services, of HTMT is
now 1100, which is expected to exceed 1800 by March 2003.
The company expects a revenue increase of 100/110% from IT business
and net profit increase of about 70% in FY 2002-03 as compared
to 2001/02. Since full benefit of the services ramp up will
be realized in the second half of FY 2002-03, the company expects
that 40% of the above increase will be achieved during the first
half of the year and 60% in the second half and the current
performance is in line with the guidance given earlier, for
which the requisite infrastructure has already been created.
Addition of new clients will enable the company to surpass the
guidance.
Apart from organic growth in ITS and ITES business, the Company
is also on the look out for acquisition/merger of units. The
Company continues to be debt free.
The margin of profit in IT business during the quarter was 57.5%
on account of higher productivity in ITES business without any
addition to the existing infrastructure capacity. The Company
expects to achieve a profit margin of 50-55% for FY 2002-03.
HTMT, at its Board Meeting held today, has adopted Audited Financial
Results for the Financial Year ended 31st March, 2002. The Profit
after Tax (PAT) for FY 01-02 was Rs. 46.73 Crores as compared
to Rs. 42.06 Crores in FY 00-01. The unaudited annual results
for FY 01-02 with a net profit of Rs. 46.40 Crores were announced
on 11th April, 2002. In view of the encouraging results, the
Board of Directors of the Company has recommended a dividend
of Rs. 6/- per share for the FY 01-02 as compared to Rs. 5/-
for the previous year. |
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