HTMT Global announces Q1 results, net profit at Rs.11.90 Crores

HTMT Global Solutions Ltd has announced the following Unaudited Results for the quarter ended June 30, 2007.

The Company has posted a profit after tax of Rs 119.019 million for the quarter ended June 30, 2007 where as the same was at Rs 0.044 million for the quarter ended June 30, 2006. Total Income is Rs 794.245 million for the quarter ended June 30, 2007 where as the same was at Rs 0.053 million for the quarter ended June 30, 2006.

The Consolidated Results are as follows: The Group has posted a profit after minority interest of Rs 178.724 million for the quarter ended June 30, 2007. Total Income is Rs 1519.574 million for the quarter ended June 30, 2007.

Pursuant to the Scheme of Arrangement and Reconstruction for demerger of IT / ITES business between the Company, Hinduja TMT Ltd and their respective shareholders and creditors and reduction of capital ("the Scheme") as sanctioned by the Hon'ble High Court of Judicature at Bombay on February 23, 2007 and made effective on March 07, 2007, the assets and liabilities (including capital commitments and contingent liabilities) pertaining to IT / ITES business of Hinduja TMT Ltd were transferred to and vested in the Company w.e.f. October 01, 2006 (being appointed date) at their book values as specified in the Scheme. Pursuant to the Scheme a Shareholder holding two Equity Shares of Rs 10 each in Hinduja TMT Ltd on a record date i.e. April 09, 2007 was allotted one Equity Shares of Rs 10 each in the Company. Accordingly, the Company has allotted 20,538,003 Equity shares of Rs 10 each on April 10, 2007 to such eligible shareholders. Further in accordance with the Scheme, 250,000 Equity Shares of Rs 10 each held by Hinduja TMT Ltd and its nominees have been cancelled on allotment of the Equity Shares. On cancellation of such equity has been carried to General Reserve. The Equity Shares of the Company were listed with BSE / NSE w.e.f. June 19, 2007.

In view of Scheme of Arrangement and Reconstruction for demerger of IT / ITES business referred above, the figures of the current quarter, are not comparable with those of the previous quarter.

The Board of Directors of the Company at its meeting held on July 30, 2007, inter alia, has recommended dividend of Rs 5 per share (50% on the par value of Rs 10/- per share) for the year ended March 31, 2007, which works out to 100% dividend on annualized basis considering the Company's operation for 6 months from October 01, 2006 being the appointed date for demerger of Hinduja TMT Ltd's IT / ITES Undertaking into the Company.

Source : Equity Bulls

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