The Hindu : Business : Satyam's Q2 net up 34 p.c.

Online edition of India's National Newspaper
Friday, Oct 21, 2005

Business

Business

Satyam's Q2 net up 34 p.c.

Special Correspondent

Revises revenue guidance upwards to Rs. 4,700-4,718 cr.

Adds 32 new customers Keen to join billion-dollar club Evaluates expansion opportunities in Europe Emphasis on virtual operations

HYDERABAD: Satyam Computer Services has posted a gross revenue of Rs. 1,186.52 crore during the second quarter ended September 30, 2005. This is 33.9 per cent higher than the Rs. 886.06 crore achieved during the corresponding period last fiscal.

The net profit during the quarter stood at Rs. 237.34 crore, indicating a growth of 34.2 per cent over the Rs. 176.86 crore achieved during the same period last year. Earnings per share were also higher at Rs. 7.39 as compared to the guidance of Rs. 6.40-6.44.

Buoyed by the results, the company has revised its revenue guidance upwards and it is expected to be in the range of Rs. 4,700-4,718 crore by the end of the current fiscal, posting an annual growth rate of 33.5-34 per cent. The EPS for the year is expected to be between Rs. 29.12 and Rs. 29.23, implying a growth of about 30-30.5 per cent.

Announcing the results through a videoconference from Budapest, Hungary, on Thursday. Satyam group Chairman, B. Ramalinga Raju, said the company added 32 new customers during the previous quarter, including one Fortune Global 500 and Fortune U.S. 500 corporation, taking the total customer base to 429. It was aiming at a landmark achievement of $1 billion revenue by the end of the current year, becoming the fastest to reach the billion dollar revenue mark.

The company was evaluating expansion opportunities in Europe that was fast embracing global delivery model and the customers were looking at near-shore development centres. The emphasis was on virtual operations and global outlook.

Printer friendly page
Send this article to Friends by E-Mail

Business