Monday, April 12, 2004
Overcoming the turbulence in the telecom space, Hughes Software has recorded a 102.9% rise in its consolidated net profit to Rs 76.9 crore for the year '03-04, while its sales increased by 63.5% to Rs 360.4 crore.
The company's performance for the fourth quarter was also encouraging, despite the challenge of a stronger rupee. Despite a Rs 2.6 crore exchange loss due to the rupee appreciation, Hughes Software posted a 53.6% rise in its consolidated net profit to Rs 21.2 crore for the fourth quarter, ended March '04, over the year-ago period.
The company's sales for the fourth quarter crossed the Rs 100 crore mark, to touch Rs 101.9 crore, an increase of 60% on an year-on-year basis. The HSS board of directors have recommended a 50% dividend for '03-04. For the current financial year, HSS has given a net profit guidance of 28-32%, while the company expects a sales growth of 25-30% year-on-year.
During the first quarter of the current year, HSS hopes its profit after tax (PAT) margins will grow 20-21% on a consolidated basis, while the sales growth is expected to be at 4-5% on quarter-on-quarter basis. It may be recalled that the company had projected a net profit guidance for '03-04 at Rs 78-81 crore, reflecting a growth of 106-114%, while the sales guidance was pegged at Rs 356-361 crore, a growth of 62-64% on a year-on-year basis. It added 11 new customers in the quarter, to take the total number of customers to over 250.
Last updated :
May 28, 2004
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