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Company Report

SATYAM COMPUTER

The trend of acquiring business at any cost continues with Satyam which reported a total income of Rs 521.50 crore for the third quarter ended December 2002, up 17 per cent from the year-ago period, while sequentially it went up by 3 per cent over the September quarter income of Rs 505.04 crore.

Against this, total costs have gone up by 24 per cent on a year-on-year basis and 5 per cent sequentially to Rs 404.76 crore (Rs 326.58 crore) resulting in a 2 per cent year-on-year and 1 per cent sequential decline in the net profit, which stood at Rs 116.74 crore (Rs 119.43 crore) (Rs 118.15 crore in the September quarter).

Income from operations moved up 20 per cent over the previous corresponding period and 5 per cent up from the preceding quarter income of Rs 499.13 crore to Rs 522.26 crore (Rs 435.77 crore).

Satyam’s operating cost at Rs 362.84 crore (Rs 290.78 crore) went up by 25 per cent over the year-ago period, while sequentially the same was up by 6 per cent over the September quarter costs of Rs 343.27 crore.

Operating profits moved up by 10 per cent over the previous corresponding quarter to Rs 159.42 crore (Rs 144.99 crore) {2 per cent sequentially}.

OPM slumped by 2 percentage points over the year-ago period to 31 per cent and was stagnant sequentially.

For the current quarter the company has reported a negative other income of Rs 0.76 crore against an earning of Rs 10.24 crore during the previous corresponding quarter and Rs 5.91 crore during the September quarter.

Depreciation was down 1 per cent on a year-on-year basis and 2 per cent sequentially at Rs 30.42 crore (Rs 30.64 crore). With a continuous rise in the tax provision, which at Rs 11.31 crore (Rs 4.71 crore) was up by a massive 140 per cent over the year-ago period but down 8 per cent over the preceding quarter provision of Rs 12.31 crore the company reported a net profit of Rs 116.74 crore (Rs 119.43 crore) down 2 per cent from the same period last year and 1 per cent below the September quarter provision of Rs 118.15 crore.

Satyam’s valuation has stagnated just like its growth and the stock currently trading at Rs 226 discounts its December quarter annualised EPS of Rs 14.85 by 15 times the same as it did at the end of the preceding quarter.

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