Television

Hinduja TMT declares 70% dividend for FY 02-03, PAT up 33% to Rs 620 m.

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MUMBAI: HTMT's board at its meeting held today recommended a total dividend of Rs 7 per share (70 per cent) for approval by its shareholders in the forthcoming AGM, including interim dividend of Rs 5 per share already paid in the month of May 03.

 

 

The total income of HTMT for the financial year 02-03 as compared to the previous year rose by 57 per cent from Rs 729.4 million to Rs 1144.7 million and net profit by 33 per cent from Rs 467.3 million to Rs 620.3 million, a company release says.



HTMT expects revenues to grow by about 60 per cent with a net profit margin of 45 per cent on the total turnover in 2003-04. The assessment is based on new contracts already signed and projects in the pipeline,



As regards the results for the quarter ended the 31st March 03, the company's revenue increased by 29 per cent as compared to the corresponding quarter of 01-02.



As per the audited consolidated financial results of HTMT and its subsidiaries for the year ended 31 March 03, the combined revenue has gone up by 32 per cent to Rs 2167.8 million and the consolidated profit after tax by 86 per cent to Rs 583.2 million.



Following successful completion of the BPO contract for claim processing with a major health care insurance company in the US, HTMT has during the year renewed its BPO contract for another two years with an option for further renewal of one year. The renewed contract is likely to yield approximately Rs 1 billion (over $ 20 million) in revenues during this period.



Total employee strength in HTMT's IT division grew by 63 per cent from 953 at the beginning of the last fiscal to 1,550 presently owing to expansion in BPO/Call Center business.



New clients:

During the year HTMT has also developed a relationship for one of its clients for offshore call center services in Philippines wherein 100 seats are currently in operation, the release says.



HTMT has secured three new clients - one from the USA for claim processing, and two for call center services from clients in the USA and UK and these contracts are expected to generate additional revenues of over $ 25 million (Rs 1.2 billion) in the next three years.



Expansion plans in Philippines and Mauritius:

HTMT is actively considering expansion of BPO business in Mauritius as desired by its insurance customer for geographical diversity.



In order to broad base its service delivery capabilities and enhance its domain expertise, HTMT is exploring possibilities of acquiring a 900 agent call centre company at Philippines, which is likely to be ramped upto 2000 agents. The call centre company is already serving a few Fortune 500 clients. The legal and financial due diligence exercise respectively by Crawford Bayley & Company, Solicitors and PriceWaterhouseCoopers has been completed. A decision on the acquisition structure and other details will be taken shortly.



Investments in media / telecom businesses

Kudelski SA, Switzerland has recently agreed to take in 2.41% in the equity of HTMT's Media and Telecom subsidiary viz: IMC for $ 12 million, giving IMC a valuation of about $500 million (Rs 23 billion), Nagravision, Kudelski's subsidiary, will become a technology partner with IMC and supply its conditional access system.



The company's associate, Fascel Ltd., the largest cellular services provider in the Gujarat circle with more than 500,000 subscribers, has posted profits in 2002. The recent sale of Kotak Mahindra's 11 per cent stake in Fascel at Rs 920 million provides a benchmark valuation to HTMT's 19.71 per cent effective stake in Fascel, which was acquired through share swap on merger of a privately held Hinduja Group company with itself in 2001-02, the release says.

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