HTMT Q2 net up 126%
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HTMT Q2 net up 126%

By SiliconIndia   |   Wednesday, 23 October 2002, 07:00 Hrs
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MUMBAI: Hinduja TMT has posted a 115 percent increase in the total income from 13.11 Crores to 28.21 Crores and a 126 percent increase in the net profit from 7.02 Crores to 15.84 Crores for the Q2 in FY 2002-03 as compared to the corresponding quarter of the previous year.

HTMT's total revenues for the half year ended 30th September 2002 have gone up by 90 percent from 27.79 crores in the previous year to Rs 52.81 crores, whilst net profits have increased by 74 percent from 17.28 crores to Rs 30.09 crores in the same period.

The total number of employees stands increased to 1340 as on date from 748 as on 31st March 2002. The company has added over 400 employees including Customer Service Representatives (CSRs) and Claim Processors in its IT Services and ITES businesses.

To meet the requirements of overseas clients for disaster recovery and business continuity, HTMT is planning for multiple delivery centers in India and abroad.

In addition to its Bangalore office, where the IT Services and IT Enabled Services are presently handled, HTMT will open an IT Centre at Andheri, Mumbai with 300 seats capacity for Business Process Outsourcing (BPO) activities.

To extend its BPO and Call Center activities, the Board has approved establishment of facilities in offshore locations outside India such as Philippines for providing Geographical Diversity and Disaster Recovery Services.

The company has already taken necessary steps to create adequate communication redundancy through optic fibre links to the USA both via the Pacific and the Atlantic.

HTMT continues to be debt free and has sufficient cash resources to meet its future investment requirements. The networth of the company as on 30th September 2002 stands at 403.06 Crores.

HTMT, at its Board Meeting held today, also approved in-principle, the merger of two of its media-content subsidiaries 'IndusInd Entertainment Limited', which operates the popular local channel 'In Mumbai' and 'Cable Video India Limited' which operates India's No. 1 Hindi Movie Channel 'CVO' into 'InNetwork Entertainment Limited' ('InNetwork'), its subsidiary for all its media - content businesses.

According to Mr. S. Solomon Raj, Vice Chairman, HTMT "The tremendous growth in our performance during the 1st half of the current fiscal as compared to the previous year was due to the ramping up of our core activity of ITS and ITES. The results are in accordance with the guidance given for FY 2002-03."

"The merger of three of our media - content subsidiaries will result in operational synergies and facilitate consolidation, development and expansion of our content business."


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