Hughes Q2 net up 52 per cent

Growing business and stable client relationships took Hughes Software Systems’ (HSS) second quarter net profits up 52 per cent on a yea...

Growing business and stable client relationships took Hughes Software Systems’ (HSS) second quarter net profits up 52 per cent on a year. Profits crossed Rs 25 crore in Q2 2004 against last year’s Rs 17 crore; the company said it would stick to the 33-37 per cent growth forecast for 2004-05.

Total income rose 36 per cent to Rs 118 crore over the July-September quarter, largely due to new client additions, stable prices and ramp-up of existing accounts.

‘‘The growth in net profit to Rs 25.8 crore was volume-driven, while prices remained stable,’’ Kumar said on Wednesday.

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Acquisitions and net workforce additions are also on the cards until March 2006.

‘‘We are interested in acquiring 100 per cent stake in BPO and telecom service provider companies in India,’’ Kumar said, adding, ‘‘We will hire 2,000 people for services operations and 500 for BPO operations over the next six quarters.’’ HSS has 3,000 people, of which 439 were hired in the first quarter this fiscal and 794 people in the second. It also has plans to expand operations at its Gurgaon and Bangalore centres.

Hughes expects sales over 2004-05 to grow at 30-35 per cent, after just crossing Rs 358 crore last fiscal.

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