The Telegraph
Since 1st March, 1999
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Satyam beats forecast

Hyderabad, Oct. 23 (PTI): Satyam Computer Services Ltd has notched up a 20 per cent rise in net profit to Rs 147.58 crore for the quarter ended September 30, 2003 and has upwardly revised the annual revenue growth outlook.

Total income at Rs 636.07 crore, reflected a jump of 25.94 per cent compared with Rs 505.05 crore during the corresponding period last year.

Software revenues for the reporting quarter, which stood at Rs 598.49 crore, were well above the company’s forecast of Rs 563 crores to Rs 568 crore, while earnings per share increased to Rs 4.25 as against the earlier guidance of Rs 3.81 to Rs 3.86.

“Revival of growth in technology spending seems to be on the cards. This, coupled with increasing adoption of offshore outsourcing by global customers, will ensure high growth opportunities in the coming years,” Satyam chairman B Ramalinga Raju said.

Total income for the half-year ended September 30, 2003 stood at Rs 1,206.42 crores as against Rs 976.53 crores in the corresponding period last year, while net profit stood at Rs 269.08 crores (Rs 227.35 crores). “We have exceeded our estimates by considerable margin,” Raju said.

Indicating a vibrant global market, the company is expected to recruit additional 3,000 employees during the current financial year.

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