HTMT Global Q2FY07 Results

HTMT Global Solutions Ltd has announced the following Audited Results for the quarter ended September 30, 2007:

The Company has posted a net profit after tax of Rs 148.447 million for the quarter ended September 30, 2007 where as the same was at Rs 0.051 million for the quarter ended September 30, 2006. Total Income is Rs 904.220 million for the quarter ended September 30, 2007 where as the same was at Rs 0.053 million for the quarter ended September 30, 2006.

The figures for the quarter ended September 30, 2006 are Unaudited.

The Unaudited Consolidated Results are as follows:

The Group has posted a profit after minority interest of Rs 220.771 million for the quarter ended September 30, 2007. Total Income is Rs 1638.634 million for the quarter ended September 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.