Television

Hinduja TMT Q2 net rises 126 %

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MUMBAI: Hinduja TMT Ltd has reported a net profit of Rs 158.40 million for the quarter ended 30 September as compared to Rs 70.19 million for the corresponding quarter in 2001.

Total income has increased from Rs 131.05 million to Rs 282.06 million, a company statement said.

Hinduja TMT at its board meeting held today also approved in-principle the merger of two of its media-content subsidiaries 'IndusInd Entertainment Ltd' which operates the popular local channel 'In Mumbai' and 'Cable Video India Ltd' which operates Hindi Movie Channel 'CVO' into 'InNetwork Entertainment Ltd' its subsidiary for all its media-content business.

S Solomon Raj vice-chairman, HTMT, was quoted as saying:

"The tremendous growth in our performance during the first half of the current fiscal as compared to the previous year was due to the ramping up of our core activity of IT and ITES. The results are in accordance with the guidance for FY 2002-03. The merger of three of our media - content subsidiaries will result in operational synergies and facilitate consolidation, development and expansion of our content business."

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