MUMBAI: Hinduja TMT today reported a total income of Rs 1624.8 million for the financial year ended 31 March 2004 compared to Rs 1144.7 million for the year ended 31 March 2003, an increase of 42 per cent. Net profit grew 22 per cent from Rs 620.3 million to Rs 756.2 million.

The ratio of net profit to total income at 46% is in accordance with guidance given, a company release states.

The earning per share increased 22 per cent to Rs 18.49 per share from Rs15.16 per share in the previous year.

While the total income for the quarter ended March 04 rose by 27 per cent to Rs 407.9 million, net profit was at Rs 155.4 million, compared to Rs 155 million for the quarter ended March 03. The ramp up and training of staff and creation of additional infrastructure facilities during the quarter to meet the significant growth in business expected in 2004-05 led to increase in overall-cost which resulted in net profit not rising in tandem with total income.

The execution of new orders for which pilots have been successfully completed and increase in business from existing clients will ensure growth in profits during 2004-05.

HTMT's robust business model focusing on ITES-BPO services backed by IT services has resulted in the company posting a three-year compounded average growth rate (CAGR) of 56.4 per cent for its IT income.

The company continued to be debt free as on 31 March 2004 and has a book value of Rs 113/- per share.

"Our results for 2003-04 represent continued progress across a number of key operational fronts and were driven by improved profits in the BPO segment of business," said S. Solomon Raj, Vice Chairman, HTMT.