Hinduja Global Solutions (HGS) reported net profit for the third quarter ended December 31, 2013, more than doubled at Rs 54 crore from Rs 20 core in the same quarter last financial year.
The spike in net profits was due to lower interest expense as a result of debt repayment and better working capital management. Revenue for the quarter at Rs 656.9 crore was up 26% from Rs 521.2 crore on a year-on-year basis.
“We are very pleased to announce our fourth straight quarter of strong financial performance as we continue to set new benchmarks. Despite strengthening of the rupee during the quarter our consolidated revenues, EBITDA and PAT achieved new highs. This robust performance has been driven by strong growth from the US and Canadian markets.
The momentum of offshoring has also picked up. Our margins have improved significantly due to better utilization of delivery centers across all geographies coupled with various performance optimization initiatives undertaken during the year,” said Partha DeSarkar, Chief Executive Officer of Hinduja Global Solutions.
Keeping in view the strong demand, the company started two new centers in Alabang, Philippines, one in Princeton, New Jersey and expanded the Bangalore center to service the healthcare sector.
“We are also focused on strengthening business from the middle-east region during FY2015. Our strong sales pipeline and emphasis on new lines of services are expected to drive future growth,” added DeSarkar.
As of December 31, 2013, HGS total headcount was 25,676, of which 59% were based in India, 17% in Philippines, 10% in the US, 11% in Canada and the remaining 3% in Europe.
