HINDUJA TMT (HTMT) Q3 REVENUE RISES BY 47% TO RS. 29.61 CRORES AND NET BY 26% TO Rs. 16.51 CRORES
THE REVENUE FOR NINE MONTHS UP BY 73% TO RS. 82.34 CRORES AND NET BY 53% TO RS. 46.53 CRORES

HTMT has posted 47% increase in the total income to Rs. 29.61 crores and 26% increase in the net profit to Rs. 16.51 crores for the Q3 in the FY 2002-03 as compared to the corresponding quarter of the previous year.

HTMT's total revenue for the nine month period ended the 31st December 2002 has gone up by 73% to Rs. 82.34 crores compared to the previous year, whilst the net profit has increased by 53% to Rs. 46.53 crores in the same period.

The total number of employees stands increased to 1368 as on date from 748 as on 31st March 2002. HTMT has added over 600 employees including Customer Service Representatives (CSRs) and Claim Processors in its IT Services and ITES businesses.

To manage risks posed by external environment and meet the requirements of its overseas clients for geographical diversity and disaster recovery, HTMT has entered into an agreement with a Call Center company in Philippines and is providing such services for its clients with effect from 15th November 2002.

HTMT, as part of its IT/BPO combination, is also focusing on high-end applications like engineering design and R&D services and has successfully completed pilots in engineering design software services for two companies from Europe - an automobile major and an engineering services company - and regular orders are likely to flow from them for onsite and offshore services.

Mr. S. Solomon Raj, Vice Chairman, HTMT, said:

• "The rapid growth in our performance during the nine month period of the current fiscal as compared to the previous year was due to continuous ramping up of our IT/BPO combination. Our collaborative business model, which aims to achieve creation of multiple values across the demand-chain by synchronizing our internal processes with the processes of our customers, has also facilitated the growth. The results are in accordance with the guidance given for FY 2002-03".
  
  
• "The expected introduction of Conditional Access System (CAS) with effect from 14th July, 2003 would ensure a bright future for HTMT's major subsidiary, IndusInd Media & Communications Limited an integrated broadband MSO with a large client base and would certainly improve our consolidated financials and produce greater customer satisfaction".
  

HTMT continues to be debt free and has sufficient cash resources to meet any future investment requirements. The net worth of HTMT as on the 31st December 2002 stands at Rs. 419.50 crores.

SEBI has permitted inclusion of shares of the Company in the Futures and Options segment of NSE and BSE.