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Hughes Software: Improved performance

Jan 8, 2004

Hughes Software Systems (HSS) has reported strong December quarter results with its topline and bottomline improving sequentially by 14% and 41% respectively. The growth figures for nine-months ending December 2003 have been substantially better. For this period, the growth in revenues and profits has been 65% and 133% respectively, on a YoY basis. Also, the company has been able to improve its operating margins, both for the quarter and nine-months, by 430 basis points and 370 basis points respectively.

Financial performance: A snapshot
(Rs m) 2QFY04 3QFY04 Change 9mFY03 9mFY04 Change
Sales 850 965 13.5% 1,566 2,580 64.8%
Other Income 17 23 35.3% 61 52 -14.8%
Expenditure 621 664 6.9% 1,173 1,837 56.6%
Operating Profit (EBDIT) 229 301 31.4% 393 743 89.1%
Operating Profit Margin (%) 26.9% 31.2% 25.1% 28.8%
Interest - - - -
Depreciation 54 57 5.6% 155 163 5.2%
Profit before Tax 192 267 39.1% 299 632 111.4%
Extraordinary items - - -
Tax 23 28 21.7% 58 71 22.4%
Profit after Tax/(Loss) 169 239 41.4% 241 561 132.8%
Net profit margin (%) 19.9% 24.8% 15.4% 21.7%
No. of Shares 33.7 33.7 33.7 33.7
Diluted Earnings per share* (Rs) 20.1 28.4 9.5 22.2
P/E Ratio (x) 21.2 27.1
* annualised

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