Hinduja TMT Q2 net profit at Rs 5081 million

MUMBAI: Hinduja TMT has posted a profit after tax of Rs 5081.989 million for the quarter ended 30 September, 2006 as compared to Rs 120.993 million for the quarter ended 30 September 2005. 

The company has recorded a total income of Rs 7758 million for the quarter comparing with a year-before of Rs 459 million. Net sales stood at Rs 934.74 million, compared to Rs 410.31 million a year ago.

Expenditure came to Rs 919.06 million compared with Rs 348.18 million in the third quarter of 2005. Expenditure includes direct / operating cost and connectivity cost Rs 22.407 million, staff cost Rs 412.346 million, rent & compensation charges Rs 58.453 million, legal & professional charges Rs 317.983 million, discounts and commission Rs 4.180 million and others Rs 103.686 million.

Operating Profit registered at Rs 6839 million from Rs 111 million, a year earlier. 

The figures related to the current quarter ended 30 September 2006 are strictly not comparable to the corresponding previous quarter, since the Manila Branch commenced operations w.e.f. 1 October, 2005.

According to the official statement, pursuant to the sale of the company's effective stake in Hutchsion Essar Ltd., on 30 June, the company (alongwith wholly owned subsidiaries and one offshore group company) received the total consideration of USD 450 million. 

Part consideration was received on 30 June and the balance consideration on 17 August. As on date, the overseas ITES / BPO arm of the company, Pacific Horizon Ltd, a wholly owned subsidiary has cash surpluses of over USD 130 mn in-organic growth initiatives.

The company has booked profits (net) on sale of long term investments on sale of Hutch stake and other overseas subsidiaries of Rs 2050 million in the first quarter and Rs 6800 million in the second quarter.

On 31 August the board approved a scheme of demerger of its IT-ITES/ BPO operations from the company with the appointed date as 1 October. The scheme has been filed with the High Court of Judicature at Bombay and shareholder approval is being sought, informs the release.

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