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Hinduja
TMT Ltd today announced a net profit of Rs 464.02 million
for the year ended 31 March, 2002 as compared to Rs 420.66
million for the corresponding period last fiscal. Fourth
quarter net profit stood at Rs 160.14 million as compared
to Rs 39.99 million in the corresponding period last fiscal,
an over four-fold jump.
The
company posted total income of Rs 729.68 million for the
year, up from Rs 617.25 million in FY-01.
Barring
unforeseen circumstances, HTMT expects its IT revenues to
increase 100-110% and the net profit therefrom to increase
by about 70 per cent in FY 2002-03 on the basis of contracts
on hand. The bulk of the contribution would come from the
IT enabled business, a company release states.
HTMT's employees in its IT division was 953 as on 31st March
2002 as compared to 358 in the previous year due to the
ramp up in the company's IT enabled business. The total
number of employees in HTMT's IT enabled business increased
from 111 as on 31 March 2001 to 773 as on 31 March, 2002
(Call center business - 472 and claims processing business
was 301). HTMT's workforce is likely to grow beyond 1500
at the end of the current fiscal, the release states.
According to HTMT vice-chairman Solomon Raj: "Going by the
current trend and available opportunities, we are likely
to emerge as a leading IT enabled services Company with
a brand for quality and customer care. As the company implemented
its call center business during the 3rd quarter of the last
financial year, the real impact of ramp up in our IT-enabled
orders would be reflected in the current year."
Barring unforeseen circumstances, HTMT expects its IT revenues
to increase 100 - 110 per cent and the net profit there
from to increase by about 70 per cent in FY 2002-03 on the
basis of contracts on hand. The bulk of the contribution
would come from the IT-enabled business.
HTMT's book value as on 31 March 2002 was Rs 110 per share
and the basic and diluted earning per share stands at Rs
13.04. The company continues to remain debt free with cash
on hand for the year ended 31 March 2002 amounting to Rs
417.5 million.
HTMT, besides positioning itself as an operating IT company,
through its subsidiaries is expanding operations in the
areas of cable television, broadband Internet, local television
programming, movie channel and movie based programming.
Fascel, HTMT's joint venture with Hutchison Max, continues
to be the largest single circle (excluding metros) cellular
operator in the country, the release states.
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