The Hindu : Business : 50 p.c. from Hughes Software

Online edition of India's National Newspaper
Tuesday, Apr 13, 2004

Business

Business

50 p.c. from Hughes Software

By Our Staff Reporter

NEW DELHI, APRIL 12. Hughes Software Systems has reported a spurt in its net profit at Rs. 77.40 crores in 2003-04 while the company's sales increased by 63.52 per cent to Rs.360.40 crores. Despite the challenge of a stronger rupee, which resulted in the company suffering Rs. 2.60 crore exchange loss due to rupee appreciation in the last fiscal, HSS performance in the fourth quarter was encouraging.

Announcing the results, HSS Managing Director and President, Arun Kumar, said the communications software company posted a 53.6 per cent rise in its consolidated net profit to Rs. 21.20 crores in the last quarter of 2003-04 over the same period a year ago while its sales crossed the Rs. 100-crore mark to Rs. 101.90 crores, a rise of 60 per cent. Informing that the board has recommended a dividend of 50 per cent for 2003-04, Mr. Kumar said for the current financial year, the company has given a net profit guidance of 28-32 per cent, while for sales, it expects a growth of 25-30 per cent year-on-year. During the first quarter of the current year, it hopes its profit after tax margins would grow by 20-21 per cent on a consolidated basis, while the sales growth is expected to be at 4-5 per cent on quarter-on-quarter basis.

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