The Hindu : Business : Satyam’s Q2 net up 28 p.c.

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Wednesday, Oct 24, 2007
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Satyam’s Q2 net up 28 p.c.

Special Correspondent

To acquire Nitor Global of the U.K. for $5.5 m

HYDERABAD: Satyam Computer Services posted a net profit of Rs. 409.10 crore, a year-on-year increase of 27.9 per cent, at the end of the second quarter ended September 30, 2007.

The company clocked a revenue of Rs. 2,031.70 crore (year-on-year growth of 26.8 per cent and sequential growth of 11 per cent) under consolidated Indian GAAP (Generally Accepted Accounting Principles). Under the U.S. GAAP, it posted a revenue of $509.6 million (44.8 per cent year-on-year and 12.7 per cent sequential growth), with its net income growing to $101.9 million.

“The company has done phenomenally well as compared to any quarter in the last five to six years,” B. Ramalinga Raju, Chairman, said. It has added 37 new clients — eight of them are Fortune 500 companies — in the second quarter.

Announcing the second quarter results at a press conference here on Tuesday, Mr. Raju said the company would acquire 100 per cent stake in the U.K.-based software infrastructure management company, Nitor Global Solutions Ltd, for $5.5 million in an all-cash deal.

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