Monday, July 07, 2003
For a consideration not exceeding Rs 18 cr
The board of directors of Hughes Software Systems, at its
meeting held today, has approved the proposal of acquiring
Tenet Technologies Pvt Ltd, Bangalore, for a consideration
not exceeding Rs 18 crore, subject to finalisation of necessary
agreements and receipt of all statutory
approvals.
Earlier, in April this year, Hughes Software Systems (HSS)
and Audiocodes successfully completed the full inter-operability
testing of HSS' Softswitch, SIP Server and Gatekeeper Network
Infrstructure Frameworks with Audiocodes Analog Media Gateways
(MediaPackTM) and Audiocodes Digital Media
Gateways (Mediant TM).
Recently, the company announced a multi-year outsourcing
relationship with Lucent Technologies, the world leader in
mobile communications. Under the, Lucent Technologies will
outsource the software development and maintenance support
for selected wireless products, and HSS will set up a state-of-the-art
dedicated development facility in Nuremberg, Germany, and
expand its existing operations in Bangalore.
HSS has posted a 8.7% rise in net profit to Rs 13.8 crore
for the fourth quarter ended 31 March 2002, compared to Rs
12.7 crore in the corresponding period last year. Net sales
increased by 9.8% to Rs 63.7 crore from Rs 58 crore in MQ
2002.
For the full year ended 31 March 2003, the company registered
a 27.4% drop in net profit to Rs 37.9 crore on a 6% fall in
net sales to Rs 220.4 crore. It has declared a 40% dividend
for FY 2002-03.
For 2003-04, HSS has projected a 40-45% growth in net profit
and a 35-40% growth in sales.
HSS is focused on the telecom sector and derives more than
53% of its revenues from the wireless segment. However, the
company is feeling the pinch of the sluggishness in the telecom
sector globally.
In order to de-risk its business and create added opportunities,
HSS has decided to enter into the business process outsourcing
(BPO) segment. This will be started as an independent operation.
HSS is also diversifying its revenue streams and is working
currently for a foray into the banking,
financial services, insurance (BFSI) segment.
As on 31 December 2002, promoters held 55.57% stake in HSS,
while the public, institutions and foreign bodies held 15.74%,
3.99% and 13.32 % respectively.
Last updated : February 2, 2004
|
