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Satyam income beats forecast

Hyderabad, July 24: Satyam Computer Services today beat expectations when it posted a 20 per cent rise in total income at Rs 570.34 crore for the quarter ended June 30, 2003, as against Rs 471.48 crore in the corresponding previous period. The company also raised its revenue guidance for 2003-04.

The company has posted a net profit of Rs 121.49 crore during the quarter, up 12 per cent compared with Rs 108.44 crore reported in the corresponding period of the previous year. Income from software exports touched Rs 545.92 crore as against Rs 458.93 crore in the corresponding period last year.

“An encouraging feature of revenue growth has been its dispersion across verticals, both established and nascent, as well as technology segments and geographic regions,” chairman B. Ramalinga Raju said. The NYSE-listed firm has increased its annual revenue guidance from 15-17 per cent to 18-20 per cent in dollar terms, while retaining the EPS (earning per share) at the same level of Rs 15.65-Rs 16.

“The revision in guidance is not an indication of lack of challenges. The economic uncertainty in our major markets coupled with rising trend of non-tariff barriers does impose a challenge on us,” Raju said. Asked whether restrictions on issuing H1B visas in the US was a matter of concern, Raju said, “It will not have any significant effect on us.”

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