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 Media and entertainment sector ripe for mergers and acquisitions

Global acquisitions next fiscal
January, 28th 2010

Hinduja Global Solutions (HGSL) is mulling global acquisitions in the next fiscal (FY11) and has earmarked up to $140 million to fund it, a top company official said on Wednesday.

"We are looking at global acquisitions in the next fiscal which would provide real value, synergies and growth opportunities in our business," Hinduja Global Solutions chief executive officer Partha Sarkar said in Mumbai.

The company would be "very prudent" in its acquisition strategy, he added, but declined to divulge further details.

The Hinduja Group firm provides outsourcing solutions that include back-office processing, contact centre services and customised ITES solutions to its global clientele.

In Q3 FY 10, HGSL clocked a 40.4 per cent rise in net profit at Rs 30.19 crore from Rs 21.5 crore in the year-ago period.

It has a net worth of Rs 990.77 crore, a debt of Rs 154.51 crore and Rs 648.77 crore in cash and cash equivalents as on December 31, 2009. Of this, Rs 580 crore is lying in international bank accounts, a company statement said here.

This sum had been received by the company from a stake sale in a telecom business in 2006-2007, it said.

Total revenue in the reporting quarter grew 1.15 per cent to Rs 222.4 crore from Rs 218.6 crore in the same period last fiscal. In order to fuel growth, HGSL has also made some investment in facilities, it said.

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