HTMT Q3 revenue rises 47% to Rs 29.61 crore, net up 26%

Our Corporate Bureau
21 January 2003

Mumbai: Hinduja TMT has posted a 47-per cent increase in the total income to Rs 29.61 crore and a 26-per cent increase in the net profit to Rs 16.51 crore for the third quarter in the financial year 2002-03 as compared to the corresponding quarter of the previous year.

HTMT’s total revenue for the nine-month period ended 31 December 2002 has gone up by 73 per cent to Rs 82.34 crore compared to the previous year, while the net profit has increased by 53 per cent to Rs 46.53 crore in the same period.

The total number of employees increased to 1,368 as on date from 748 as on 31 March 2002. HTMT has added over 600 employees, including customer service representatives and claim processors in its IT services and IT-enabled services businesses.

To manage risks posed by external environment and to meet the requirements of its overseas clients for geographical diversity and disaster recovery, HTMT has entered into an agreement with a call centre company in the Philippines and is providing such services for its clients with effect from 15 November 2002.

HTMT, as part of its IT and business process outsourcing (BPO) combination, is also focusing on high-end applications like engineering design and R&D services and has successfully completed pilots in engineering design software services for two companies from Europe — an automobile major and an engineering services company. Regular orders are likely to flow from them for onsite and offshore services.

Says HTMT vice-chairman S Solomon Raj: “The rapid growth in our performance during the nine-month period of the current fiscal as compared to the previous year was due to continuous ramping up of our IT/BPO combination. Our collaborative business model, which aims to create multiple values across the demand-chain by synchronising our internal processes with the processes of our customers, has also facilitated the growth. The results are in accordance with the guidance given for FY 2002-03.