Hughes Software April-June net profit jumps 63%

By siliconindia staff writer   |   Wednesday, 28 July 2004, 07:00 Hrs
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MUMBAI: Hughes Software Systems Ltd said on Tuesday its April-June net profit rose 63 per cent to Rs 247 million ($5.35 million) from Rs 152 million a year earlier.

Hughes Software said its total income for the quarter rose 42 per cent from a year ago to Rs 1.08 billion.

Singapore-based Flextronics is set to buy a majority stake in the Indian firm, which specialises in developing communications software, by acquiring DirecTV Group Inc's 55 per cent stake in the firm.

Hughes raised its sales growth forecast for fiscal year ending March 2005 to 30-35 per cent from an earlier estimate of 25-30 per cent. The company has forecast sales in the second quarter would grow by five-six per cent over the previous quarter.

The company said it expected net profit growth of 33-37 per cent for the fiscal year ending March 2005.

It expects the net profit margin to be flat at 21-22 percent in the current quarter ending in September.

Shares in Hughes Software ended up 1.35 per cent at Rs 510 on Tuesday.

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