HOV Services Q3 FY07 Consolidated Net Profit Up 28.91%

Q3 Consolidated Total Income Up 19.91%

Mumbai, January, 2007: HOV Services (NSE: HOVS) has seen a 28.91% increase in its consolidated Net profit for the quarter ended December 31, 2006, to Rs 42.83 million from Rs 33.22 million for the corresponding period last year. Consolidated Total Income for the quarter climbed 19.91% to Rs 421.02 million from Rs 351.1 million, while the basic and diluted Earnings Per Share is Rs 3.41 per share for the quarter.

For the nine months ending December 31, 2006, of the financial year FY07, HOV Services has seen its consolidated Net Profit rise 81.75% to Rs 139.82 million from Rs 76.93 million for the corresponding period last year. Consolidated Total Income for the nine months has increased 16.07% to Rs 1391.4 million from Rs 1198.8 million last year. The basic and diluted Earnings Per Share for this period come to Rs 13.97 per share.

On a standalone basis, HOV Services saw its Total Income for the third quarter climb 110.57% to Rs 23.24 million, while Net Profit for the quarter came in at Rs 7.63 million. Shares of the company were listed on the Bombay Stock Exchange and the National Stock Exchange on 27 September 2006, after a successful IPO of 4.05 million equity shares at Rs 200 per share.