Hughes Software Systems

Delhi-based Hughes Software Systems (HSS), a subsidiary of HNS-India Inc. (HNS), moved up two places based on its performance in the year ended March 2002. HNS-India Inc., USA, is a wholly owned subsidiary of Hughes Electronics Corporation (HEC). The telecom-focused software services company reported revenues of Rs 234.88 crore and a net profit of Rs 52.25 crore in fiscal 2002. While sales were up 18%, net profit declined 17% over the previous year. Gross block was up 70% to Rs 171.85 crore, giving it a ranking of #4 in gross block growth and #12 in gross block size. HSS is ranked #19 in sales, #13 in profit, #14 in sales growth and #30 in profit growth. HSS reduced its dependence on its parent HNS over the past few quarters and now provides services to a number of telecom companies. HSS would now become a part of News Corp after the latter acquired General Motors’ 20% stake in HEC and has also announced an open offer to acquire HSS shares from the public. The change in the parent is unlikely to impact HSS’ performance.