Hughes Soft net rises 63% to Rs 24.7 cr

BS 200 SCORECARD

Hughes Software Systems has reported a 63 per cent growth in its net profit at Rs 24.7 crore for the quarter ended June 30, 2004 compared with Rs 15.2 crore during April-June 2003.

Income grew 42 per cent to Rs 111.5 crore. Arun Kumar, president and managing director, HSS, said: "Client quality, efficiency in collections and stable billing rates have contributed to this profitability. We are constantly focussing on the cost factor and following the best practices to maintain our steady growth."

Hughes raised its sales growth forecast for the financial year 30-35 per cent from an earlier estimate of 25-30 per cent. The company said it expected net profit growth of 33-37 percent for the fiscal year through March 2005.

Hughes said the alive telecom industry will contribute significantly to its growth. "We are witnessing strong demand for our offerings from the Indian telecom industry. This soared demand will drive our growth," Kumar said.