Hughes Software Systems (HSS), the Delhi-based leading communications software developer, today stunned the markets with a 52 per cent fall in its net profits to Rs 6.3 crore for the quarter ended September 30, 2001. The company attributed this fall during the second quarter to the 45 per cent decline its products business registered during the last quarter.
This fall is much bigger than the guidelines the company gave in September, lowering its growth forecast for the current year to mid-20 per cent from an earlier estimate of 60 per cent due to a slowdown in the global telecom sector.