HTMT's Q3 net profit dips 51 per cent to Rs 11 million

MUMBAI: Hinduja TMT's net profit has dipped 51.19 per cent to Rs 110.7 million for the third quarter ended 31 December 2005, compared with Rs 226.8 million a year ago.

Total income, however, rose to Rs 824.2 million, up from Rs 468.6 million. Net Profit was lower due to absence of treasury profits realised and also the discontinuation of minimum guaranteed business from a large telecom client, the company said in a release. 

HTMT’s income from IT rose 94 per cent to Rs 764.6 crore on a sequential basis. Net profit from this segment also surged 75 per cent, as the company’s Manila unit had commenced operations from October 2005.

The company’s media subsidiary, IndusInd Media & Communications Ltd (IMCL), has started achieving operational efficiencies in the current year, the release said.

HTMT’s financial stake in the giant telecom player “Hutch” through its subsidiary IndusInd Telecom Network Limited (ITNL) has also been growing in value by every quarter. The company is expected to reap in substantial profits on its divestment from the telecom business.

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