The Annual General Meeting of HTMT's shareholders approved a final dividend of 20% for the FY 02-03 on the 29th September 03. This would make a total dividend of Rs. 7/- per share (70%) including the interim dividend of Rs. 5/- per share already paid in the month of May 03.

The Management of HTMT made a presentation to the shareholders on how the Company was equipping itself for realizing its vision of becoming a Scale Player in IT business through aggressively growing the revenue, appointing people with right skills and continuously improving its processes and technologies. Diversifying its services to propel its BPO offering to higher end of the value chain, strengthening its infrastructure and enlarging its geographical foot-print were other measures that have been taken.

HTMT has been ranked as the 2nd largest health care BPO Company in India by Business World Magazine with more than 500 Processors working in the insurance claim-processing segment.

As per the survey conducted by NASSCOM, the Company is the 9th largest third-party ITES Company in the country.

While the third-party ITES companies in India had achieved a growth of 28% in terms of revenue in the FY 02-03, HTMT in the same space achieved a growth of 82%.

HTMT's state-of-the-art Offshore Development Center at Bangalore with an area of 52,000 sq. ft. and 1,050 seat capacity has been fully occupied and the Company has taken a nearby building with an area of 80,537 sq. ft. on lease for building up 1,400 seat capacity to meet its growing requirements.

The Company has an effective holding of 20.24% in the equity of Fascel Limited, the largest circle cellular operator in India. This holding has got a benchmark valuation of Rs. 170 crores from the sale of Kotak stake in April 03. The valuations have improved since then due to improved capital market outlook and cellular business prospects. Discussions are being held with Hutch on the valuation of Fascel in the consolidation of their Indian operations during 2004.

The Flagship cable subsidiary of HTMT, Indusind Media and Communications Limited (IMC) will have high intrinsic value on Kudelski S A, Switzerland investing US$ 12 million for 2.41% equity stake at a valuation of US$ 500 million of IMC.

The Company's IT turnover and PAT increased from Rs. 55 crores and Rs. 34 crores respectively in 2001-02 to Rs. 100 crores and Rs. 56 crores in 2002-03. The performance of the Company during the current fiscal is in accordance with the guidance given.