HMA STARware posts 38% growth in revenue

BANGALORE: Chennai-based HMA STARware Ltd.(HMAS), a retail banking software

solutions company from the HMA Group, has posted a turnover of Rs 11.87 crore, a

38 per cent increase from the previous year's turnover that stood at Rs 8.61

crore.

It also posted a 54 per cent rise in net profit for the year ended March 31,

2002, at Rs 2 crore compared with Rs 1.29 crore in the previous financial year.

The company's open architecture based Switch product IST/Switch has generated

a turnover of Rs 6.78 crore, a growth of 78 per cent over the previous year.

HMAS software product exports have grown significantly at Rs 2.84 crore, a 475

per cent growth over last financial year.

HMA STARware, chairman and managing director, Harish K Murthi said "

HMAS has seen a tremendous growth in the financial year 2001- 2002, a year that

was one of the toughest for the entire software sector. The company is committed

to provide quality software solutions to its clients and as a part of quality

initiative, had upgraded its quality systems to ISO 9001:2000. The company

continues to make significant investments in improving its R&D facilities to

develop products that match the exact requirements of our customers. We aim a

turnover of Rs 20 crore for the financial year 2002- 03".