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Hughes Software Q3 net surges 110%

January 08, 2004 14:21 IST

Hughes Software Systems has posted a 110 per cent growth in net profit at Rs 23.9 crore (Rs 239 million) for the third quarter ended December 31, 2003 over the same period last year.

The company's total income during the quarter rose by 67 per cent to Rs 98.8 crore (Rs 988 million) over the same quarter last year, Arun Kumar, president and managing director, Hughes Software, told reporters in New Delhi on Thursday.

The company has once again raised its net profit and sales guidance for the year 2003-04.

Its projection for net profit for 2003-04 is at Rs 78-81 crore (Rs 780-810 million), a growth of 106-114 per cent.

Hughes Software had earlier given a net profit guidance for 2003-04 at 80 per cent.

The company's sales guidance for 2003-04 is at Rs 356-361 crore (Rs 3,560-3,610 million), a growth of 62-64 per cent on a year-on-year basis.

The company added 17 new customers in the third quarter.

Its basic earning per share stood at Rs 7.10 during the review period, reflecting a 109 per cent growth over the corresponding quarter last year.

"Prudent diversification and penetration in telecom domain helped us in achieving revenue and earnings growth," Pradman Kaul, chairman, Hughes Software, said.

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