Hinduja TMT Q1 net up by 40%

MUMBAI: Hinduja TMT Ltd has posted a 67.5 per cent increase in total income to Rs 246.1 million and a 39.6 per cent increase in net profit to Rs 142.4 million for the first quarter ended 30 June, 2002 as compared to the corresponding quarter of the previous year. 

Income from its core business of IT, increased by 91.5 per cent to Rs 202.4 million from Rs 105.7 million, has reported. 

The company expects a revenue increase of 100-110 per cent from IT business and net profit increase of about 70 per cent in FY 2002-03 as compared to 2001-02. Since the benefit of the services ramp up will be realised in the second half of FY 2002-2003, the company expects that 40 per cent of the above increase will be achieved during the first half of the year and 60 per cent in the second half and the current performance is in line with the guidance given earlier, for which the requisite infrastructure has already been created. Addition of new clients will enable the company to surpass the guidance. 

Apart from organic growth in ITS and ITES business, the company is also on the look out for acquisition/merger of units. The company continues to be debt free. 

The Board of Directors of the company has recommended a dividend of Rs 6 per share for FY 01-02. 

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