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Q2 -Total Income up 45% to Rs. 41.06 Crores and Net Profit up by 28% to Rs. 20.30 Crores

1st Half - Total Income up by 44% to Rs. 76 Crores and Net Profit up by 25% to Rs. 37.53 Crores

Mumbai, October 30, 2003:
Hinduja TMT has reported an increase of 45% in its total income at Rs. 41.06 crores for the quarter ended 30th September, 2003, as against Rs. 28.20 crores in the same period last year. The net profit for Q2 rose by 28% to Rs. 20.30 crores (Rs. 15.84 crores). Sequentially, the total income grew by 17.53% and net profit by 18% as compared to Q1 of the current fiscal.

In the first half, the total income at Rs. 76 crores increased by 44% year-on-year against Rs. 52.81 crores and the net profit increased by 25% to Rs. 37.53 crores (Rs. 30.08 crores). PAT to total income in H1 was 49%. The performance is in line with the guidance given for 2003-2004.

The company has attributed the growth to continuous ramp up of business from existing clients and acquisitions of new BPO clients as also resource optimisation.

HTMT also has been ranked as 2nd largest healthcare BPO Company in India by the Business World Magazine recently. HTMT's value proposition of excellence in processes and execution continuously strengthens its relationship with its customers. The fact that our claim processing business for a large US health insurance company which started at Bangalore with 23 processors in August 2000 has now grown into a business of around 600 processors handling about 1.8 mn claims per month will bear testimony to this partnership of value creation. A disaster recovery center for the business of the above client is being set up at Mumbai in the premises owned by HTMT's subsidiary - InNetwork.

As per final ranking of DATAQUEST - IDC's employees' satisfaction survey 2003, the first ever of its kind in the country, HTMT has been ranked 2nd after GE Capital among the top 15 BPO companies in India. Since GE Capital is a foreign owned company, the survey places HTMT as No.1 among the Indian BPO companies covered by the study.

According to Mr. S. Solomon Raj, Vice Chairman, HTMT, "This is a fitting endorsement of our HR Policy founded on the principles of fair process. Our firm faith in and practice of the core value of employee empowerment mould each employee into a value builder and brand ambassador".

The execution of a new Call Centre contract from a broadband communication company has commenced in August, 2003 with 54 Customer Service Representatives for order administration, technical help desk etc. The staff strength now increased to 172 CSRs, is likely to go up to 350 CSRs by 31st March, 2004.

The IT services wing of HTMT has recently received CMM Level-4 certification for software development and maintenance signifying its process maturity and control.

HTMT has recently taken on lease premises admeasuring 80,000 sq.ft. for building 1400 seat capacity at Bangalore to meet the expanding requirements of existing clients and the needs of customers in the pipeline. This is in addition to the existing capacity of 1050 seat 52,000 sq. ft. off-shore development center at Bangalore, which is now fully occupied.

HTMT continues to be debt-free with a networth at Rs. 461 crores as on 30th September, 2003. The Company has sufficient cash resources to meet its expansion needs.