New Delhi, July 16: With new initiatives in services segment paying-off, IT company Hughes Software Systems on Wednesday posted a 245 per cent jump in its net profit for the quarter ended June 2003 at Rs 15.2 crore compared to Rs 4.4 crore in the same period previous year. Optimistic about the future outlook, the company has also revised upwards its guidance for the financial year, and expects sales growth of 55-60 per cent and profit after tax (PAT) growth of 60-70 per cent during 2003-04.
As per our previous guidance, we had expected sales growth of 35-40 per cent and PAT growth of 40-45 per cent. We are now revising the guidance upwards and expect sales growth to be 55-60 per cent and PAT growth to be 60-70 per cent in 2003-04," Hughes Software Systems' managing director Arun Kumar said from Maryland, US, after the company's board meeting.

Hughes' net sales during the first quarter (April-June) stood at Rs 76.5 crore against Rs 47.4 crore in the year ago period, reflecting a rise of 61.3 per cent.
"Things in telecom sector were challenged last year. Over the past year and half we have taken initiatives to diversify without losing our telecom focus and these initiatives are now paying off," he said. Bureau Report