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Tag: S. Solomon Raj

  • Hinduja TMT reports 37% increase in Q3 net

    Hinduja TMT reports 37% increase in Q3 net

    MUMBAI: Media conglomerate Hinduja TMT Ltd (HTMT) reported a 37 per cent increase in net profit for the quarter ended 31 December, 2003.

    The company posted a net profit of Rs 225.46 million for the quarter ended 31 December, 2003 as compared to Rs 165.11 million for the quarter ended 31 December, 2002.

     
    Total income increased 54 per cent from Rs 296.09 million in the Q3-2002 to Rs 456.87 million in the quarter ended 31 December, 2003.

    Commenting on the results, vice chairman S Solomon Raj was quoted in a company release as saying, “Our disciplined processes and very good routines of information flow have been well appreciated by our clients. The realisation of constant improvement in performance metrics and co-creation of value in partnership with them have enabled us to deliver both short-term results and long term growth.”

    The company’s shares opened today at Rs 337.35 on the BSE and closed at Rs 317.10 thus reporting a loss of six per cent. Shares touched a high of Rs 349.30 and dipped as low as Rs 317.10 in the day’s trade. A total of 2,17,647 HTMT shares were traded on D Street today.

  • HTMT declares interim dividend of Rs 5 per share

    MUMBAI: The board of directors of Hinduja TMT (HTMT), in their meeting held 5 May 2003, considered and declared an interim dividend of Rs 5 per share (50 per cent on the par value of Rs 10 per share) for the year ended 31 March 2003, amounting to Rs 204.5 million.
    A press release states that the consolidated audited financial results of the company and its subsidiaries will be published on or before 30 June 2003, when the final dividend will be announced.
    The release also adds that the total employee strength in its IT division, which is HTMT’s core activity, grew by 55 per cent, from 953 at the beginning of the year to 1,472 by March 2003 owing to expansion in its BPO / call centre business. The release adds that the company is in the process of recruiting 200 additional CSRs / processors during the current quarter to take care of the increase in business from its existing clients and orders from new customers which are getting concluded.
    Conditional Access System related announcements
    The release adds that HTMT is also engaged in strengthening of IT infrastructure of its flagship subsidiary IndusInd Media & Communications Ltd (InCableNet). The company has recently entered into an agreement with Kudelski SA Switzerland and its subsidiary Nagra Vision for equity investment and CAS (conditional access system) implementation, says the release.
    The release also adds that InCableNet will be issuing upto 3 per cent of its equity to Kudelski SA, at a company valuation of approximately Rs 23 billion (US$ 500 million). HTMT currently has an effective stake of 62.07 per cent in InCableNet, which the company acquired through share swap on merger of certain privately held Hinduja Group companies with itself in 2001-02.
    The release also mentions that InCableNet has already placed orders for supply of CAS equipments like digital head-end, subscriber management system, billing system and set top boxes with various vendors and is well geared to meet the deadline of CAS introduction viz. 14 July 2003. 
    Expansion Plans in Philippines and Mauritius
    In order to broad base its service delivery capabilities and enhance its domain expertise, HTMT is in an advanced stage of negotiations for acquiring a 900 agent call centre company in the Philippines, which is likely to be ramped upto 2000 agents.
    The call centre company is already serving a few Fortune 500 clients. The legal due diligence exercise by Crawford Bayley & Company, Solicitors and financial due diligence by Price Waterhouse, is nearing completion. The due diligence report would be placed before the HTMT’s board later in the current month, adds a release.
    HTMT is already operating a Disaster Recovery Centre (DRC) at Philippines for its US based telecom client, which is running successfully and is now considering expansion of its business to Mauritius as desired by its US Insurance customer for geographical diversity.
    According to HTMT vice chairman S Solomon Raj: ” The above business de-risking initiatives of the company will raise the confidence level of customers of HTMT and lead to increase in the flow of business from them.”
    Associate companies
    The release states that the company’s associate, Fascel Ltd, the largest cellular services provider in the Gujarat circle with 457,195 subscribers, has posted profits in 2002. The recent sale of Kotak Mahindra’s 11 per cent stake in Fascel at Rs 920 million provides a benchmark valuation to HTMT’s 19.71 per cent effective stake in Fascel, which continues to post good performance.
    HTMT had acquired its stake in Fascel through share swap on merger of a privately held Hinduja Group company with itself in 2001-02.
    New appointment on the board
    The release also mentions that Rajendra P. Chitale, an eminent chartered accountant and a managing partner of M/s MP Chitale & Co has joined HTMT’s board as an additional director. Chitale, a director on the board of important Indian corporates, is expected to add great value to the functioning of HTMT’s board through his professional expertise, states the release.
    On the Bombay Stock Exchange, the HTMT scrip opened the day at Rs 193.65 rose 1.93 per cent by 12 noon to hover around the Rs 196.70 mark. On the National Stock Exchange, the scrip fell slightly to Rs 194.45.

  • Hinduja TMT net rises to Rs 165.11 million

    MUMBAI: Hinduja TMT (HTMT) has posted a net profit of Rs 165.11 million for the quarter ended 31 December 2002 (DQ-02) as compared to Rs 131.05 million in the quarter ended 31 December 2001 (DQ-01). Total Income has increased from Rs 201.66 million in DQ-01 to Rs 296.09 million in DQ-02.
    HTMT’s vice chairman S. Solomon Raj claims that the expected introduction of Conditional Access System (CAS) with effect from 14 July 2003 would ensure a bright future for HTMT’s major subsidiary, IndusInd Media & Communications, an integrated broadband MSO with a large client base. He was also quoted as saying that the post-CAS scenario and is likely to benefit in terms of improving HTMT’s consolidated financials and produce greater customer satisfaction.
    On the Bombay Stock Exchange (BSE), the scrip opened at Rs 284.03 but dropped by 5.49 per cent to Rs 268.70. On the National Stock Exchange, the scrip opened at Rs 284.15 and dropped to Rs 268.50 (down 5.51 per cent). 
    On 20 January 2003, Hinduja TMT informed the BSE that Bombay High Court has approved the merger of Sarthak Mercantile Pvt Ltd with the company. This announcement ensured that the Hinduja TMT shares closed at Rs 284.30 (up Rs 4.75 or 1.70 per cent) against its previous close of Rs 279.55 on the BSE.
    To manage risks posed by external environment and meet the requirements of its overseas clients for geographical diversity and disaster recovery, HTMT has entered into an agreement with a call centre company in the Philippines and is providing such services for its clients with effect from 15 November 2002.
    HTMT, as part of its IT/BPO combination, is also focusing on high-end applications like engineering design and R&D services and has successfully completed pilots in engineering design software services for two companies from Europe – an automobile major and an engineering services company – and regular orders are likely to flow from them for onsite and offshore services.
    HTMT vice chairman S. Solomon Raj was quoted in a release as saying: “The rapid growth in our performance during the nine month period of the current fiscal as compared to the previous year was due to continuous ramping up of our IT/BPO combination. Our collaborative business model, which aims to achieve creation of multiple values across the demand-chain by synchronizing our internal processes with the processes of our customers, has also facilitated the growth. The results are in accordance with the guidance given for FY 2002-03.”

  • Hinduja TMT Q2 net rises 126 %

    Hinduja TMT Q2 net rises 126 %

    MUMBAI: Hinduja TMT Ltd has reported a net profit of Rs 158.40 million for the quarter ended 30 September as compared to Rs 70.19 million for the corresponding quarter in 2001.

    Total income has increased from Rs 131.05 million to Rs 282.06 million, a company statement said.

    Hinduja TMT at its board meeting held today also approved in-principle the merger of two of its media-content subsidiaries ‘IndusInd Entertainment Ltd’ which operates the popular local channel ‘In Mumbai’ and ‘Cable Video India Ltd’ which operates Hindi Movie Channel ‘CVO’ into ‘InNetwork Entertainment Ltd’ its subsidiary for all its media-content business.

    S Solomon Raj vice-chairman, HTMT, was quoted as saying:

    “The tremendous growth in our performance during the first half of the current fiscal as compared to the previous year was due to the ramping up of our core activity of IT and ITES. The results are in accordance with the guidance for FY 2002-03. The merger of three of our media – content subsidiaries will result in operational synergies and facilitate consolidation, development and expansion of our content business.”