HSS annual profit surges 104%

MUMBAI: Hughes Software Systems (HSS) on a standalone basis has recorded Profit After Tax (PAT) of Rs21.2 crore for the fourth quarter ended March 31, 2004 as against Rs13.8 crore for the quarter ended March 31, 2003, representing a 54 per cent growth.

Sales stood at of Rs100.3 crore for the fourth quarter, representing 57 per cent growth over corresponding quarter last year. Total Income grew by 55 per cent to Rs103 crore for the quarter ended March 31, 2004. 11 new customers were added during the quarter.

For the 2004 financial year, the company recorded Profit After Tax of Rs77.4 crore as compared to Rs37.9 crore in the corresponding period last year, recording a growth of 104 per cent. Sales stood at Rs358.3 crore for the financial year, a growth of 63 per cent over last year. Total income stood at Rs366.2 crore, representing 60 per cent growth over last year.

President and MD of HSS Arun Kumar said, "Crossing the Rs100 crore quarterly sales is a significant milestone for all of us at HSS and we are excited and proud of our achievement. All of our businesses made further strides during 2003-04 and have taken HSS to the next level. We plan to build further from this position of strength."

Commenting on the future business prospects, Kumar said, "The demand flow continues to remain strong as telecom outsourcing is beginning to accelerate. The appreciation of Rupee continues to pose a significant challenge for all IT companies on profitability, and HSS is no exception."

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