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Hughes Net zooms

Apr 21, 2000

Hughes Software Systems is a subsidiary of Hughes Network Systems which is a unit of Hughes Electronics Corporation, the global major. It is engaged in product sales and service income to the extent of 31% and 69% respectively. A bulk of the services were rendered to Hughes Network Systems. Revenues from e-commerce and internet business constituted 15% of the company's revenue for the current quarter. The company has developed two internet related products called HSS Rightserve and Swiftbill during the current year.Its dependence on its parent company for income has come down from 73% to 54%.The company was listed only last year following a public issue at a premium of Rs 620 per share of Rs 10.

(Rs m)FY99-
15 mths
FY2000Change
Sales 685 1,073 57%
Other Income 13 135 938%
Profit after Tax/(Loss) 147 377 156%
Net profit margin (%)21.5%35.1%
Earnings per shareN.A 22.67  

The paid up capital of the company is Rs 166 m and might seek to increase it by way of preferential allotments to institutions and mutual funds to finance its expansion plans by way of acquisitions. It plans to significantly increase its presence in the areas of convergence which is a high growth and high profit area. The focus is going to be on next generation networks leveraging voice over IP(VoIP) and wireless networks.

The company has significantly broadened its client base by adding 37 new clients during the year such as Arbros,Ascom,GNP,Lucent and Teles.This has mainly been because of its CMM Level 4 rating

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