After reporting a jump of over 100 per cent in its net profit for the quarter ending September 30, Hughes Software Systems on Wednesday revised its net profit guidance for 2003-04 to 80 per cent year-on-year from the earlier 60-70 per cent, though it retained the earlier sales growth forecast of 55-60 per cent for the year.
Aided by the pick-up in the global telecommunications market and the success of its diversification strategy, the company said its net profit had registered a 105 per cent increase from Rs 8.3 crore (Rs 83 million) during the July-September quarter of 2002-03 to Rs 17 crore (Rs 170 million) in the same quarter of 2003-04.
This is the first financial result for the quarter from the country's software industry.
The total income of the company grew 61 per cent to Rs 86.7 crore (Rs 867 million) in the quarter against Rs 53.9 crore (Rs 539 million) in the second quarter of 2002-03.
During the half year ended on September 30, the company's net profit stood at Rs 32.3 crore (Rs 323 million), registering a growth of 154 per cent over the same period a year ago, while sales increased 62 per cent to Rs 161.5 crore (Rs 1,615 million) year on year.
"We are pleased with the performance of the company. Besides, with the predictability in the business and the pick-up in the telecom business we expect to be in the historic growth rates," said Arun Kumar, president and managing director, Hughes Software Systems.
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