HTMT approves 20 per cent dividend for FY 02-03

MUMBAI: At the annual general meeting held on Monday, Hinduja TMT approved a final dividend of 20 per cent for FY 02-03.

This would make a total dividend of Rs 7/- per share (70 per cent) including the interim dividend of Rs 5/- per share already paid in the month of May this year, according to an official release. 

HTMT, in its presentation to the shareholders, claimed that it has diversified its services to propel its BPO offering to the higher end of the value chain, strengthening its infrastructure and enlarging its geographical foot-print.

HTMT, says the release, has been ranked as the second largest health care BPO Company in India by Business World magazine recently with more than 500 processors working in the insurance claim-processing segment. The company also quotes a Nasscom survey to point out that HTMT is the ninth largest third-party ITES company in the country. 

While third-party ITES companies in India had achieved a growth of 28 per cent in terms of revenue in FY 02-03, HTMT has in the same period, achieved a growth of 82 per cent, says the release.

HTMT has taken on lease a building with an area of 80,537 sq ft and a seating capacity of 1400 to meet the growing requirements of its state-of-the-art Offshore Development Center at Bangalore which already has area of 52,000 sq ft and 1,050 seat capacity.

The flagship cable subsidiary of HTMT, Indusind Media and Communications Limited (IMC) will have high intrinsic value on Kudelski S A, Switzerland investing US$ 12 million for 2.41 per cent equity stake at a valuation of US$ 500 million of IMC, says the release.

The Company's IT turnover and PAT increased from Rs 550 million and Rs 340 million respectively in 2001-02 to Rs 1 billion and Rs 560 million in 2002-03, says the release.

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