HTMT targets growth through acquisition

Total dividend for FY2003-04 at 75%. Final Dividend at 25%.

HTMT, at its annual general meeting held today, informed its shareholders that the company is actively looking out for acquisition opportunities in BPO space & IT Services segment to increase its business, domain expertise, geographical presence and customer base.

As a step towards adopting a global delivery model, HTMT had recently acquired majority control in Customer Contact Centre Inc (c3), a Philippines-Manila based call Centre Company. Commenting on the HTMT's inorganic growth strategy, Mr. K. Thiagarajan, Chief Operating Officer said "The key requirement of the Global delivery Model is to have multiple offshore delivery centers capable of providing Geographical diversity to the clients. With c3, HTMT has now 3 offshore delivery centers in two countries. We are now looking to consolidate our presence in onshore centers like New York, US".

During the annual general meeting the company's management made a presentation covering the milestones in the company's evolution from a finance company to a leading ITES-BPO company, business trends in the IT/ITES-BPO, Cable Television Distribution, Media Content & Broadband Internet segments and the focus areas for the current year in each of these businesses. HTMT has leadership positions in these businesses.

The company's shareholders approved appointment of Mr. K. Thiagarajan as the Company's MD & CEO with effect from 1st October 2004.

Mr. K. Thiagarajan, who had earlier joined HTMT as Chief Operating Officer (COO) on 16th June 2004, brings with him rich experience in the IT sector.

The shareholders also approved a final dividend of Rs. 2.50 per share (25%) for FY 2003-04. This would make a total dividend of Rs. 7.50/- per share (75%), including the interim dividend of Rs. 5/- per share (50%) already paid earlier in the month of March 2004.

HTMT had reported a total income of Rs. 162 crores for FY2003-04 compared to Rs. 114 crores for FY2002-03, an increase of 42%. The net profit grew by 22% from Rs. 62 crores to Rs. 76 crores.

The consolidated revenues had increased by 32% from Rs. 217 crores to Rs. 285 crores. The consolidated net profit for the year ended 31st March 04 at Rs. 84 crores represents an increase of 45% over the previous year's net profit of Rs. 58 crores.