Indian software services firm Digital GlobalSoft is targeting revenue of over Rs 1,200 crore (Rs 12 billion) for the fiscal year to March 2005 and over Rs 2,050 crore (Rs 20.5 billion) two years later, the Bombay Stock Exchange said on Tuesday.
"The initiative to establish Digital as HP Services' preferred vendor in India provides us numerous growth opportunities and business commitments which are not available without the complete implementation of this plan," Digital CEO Som Mittal was quoted in a notice posted on the BSE Web site.
Digital, which is 50.6 per cent owned by Hewlett-Packard Co, said earlier this month that it was merging with HP Services India Software Organization, a division of a fully-owned
Digital shares tumbled about 25 per cent on June 9, following the announcement of the merger as analysts feared it would expand its equity base without bringing in proportionate revenues or profits.
The BSE notice said Digital was likely to report higher earnings per share from the year beginning April 2004 compared with an EPS of Rs 31.90 reported in the past year ended March 2003.
Ahead of the announcement, Digital shares ended Tuesday up 2.1 per cent at Rs 388.20 on the Bombay Stock Exchange, whose key index closed up 2.83 per cent.