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Hughes Software: Improvement continues

Jan 9, 2003

Hughes Software has posted a strong performance in 3QFY02. The company posted a 10% sequential growth in topline, while the jump in net profits was a steep 37%. The encouraging performance is due to the general improvement in the operating business environment for the software services companies. On a YoY basis, the numbers do not look so impressive. The topline line is down 5% and the net profits have fallen. For 9mFY03, the revenues have fallen 12% and while the net profits are down 39%.

(Rs m) 2QFY03 3QFY03 Change 9mFY02 9mFY03 Change
Net Sales 521 571 9.6% 1,769 1,566 -11.5%
Other Income 18 19 5.6% 100 62 -38.0%
Expenditure 420 423 0.7% 1,269 1,230 -3.1%
Operating Profit (EBDIT) 101 148 46.5% 500 336 -32.8%
Operating Profit Margin (%) 19.4% 25.9%   28.3% 21.5%  
Interest - -   - -  
Depreciation 52 51 -1.9% 156 155 -0.6%
Capitalization of product development expenses 35 30 -14.3% - 102  
Profit before Tax 102 146 43.1% 444 345 -22.3%
Extraordinary items - -   - (46)  
Tax 19 32 68.4% 49 58 18.4%
Profit after Tax/(Loss) 83 114 37.3% 395 241 -39.0%
Net profit margin (%) 15.9% 20.0%   22.3% 15.4%  
No. of Shares 33.3 33.3   33.3 33.3  
Diluted Earnings per share* 10.0 13.7   15.8 9.6  
P/E Ratio   14.4     20.5  
(* annualised)            

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