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Satyam to hire 2,000 employees

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CIOL Bureau
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HYDERABAD: To cope up with exceeding business demands, Satyam Computer Services would be adding on close to 2000 employees this year. This was revealed by the Chairman and Managing Director of the company, B Ramalinga Raju while announcing the quarterly and annual results of the company.

"During this year we are going to add between 1500 to 2000 employees to our rolls adding expenses of about Rs 80 crore for the company," said Raju. The company had added 1,133 employees last year and 450 during the last quarter. The total employee strength as of March 31, 2003 is 9,759.

On the outlook for fiscal 2004, Raju commented, "The outlook for fiscal 2004 indicates a 15 percent - 17 percent growth in income from software services. The forecast for revenues from software services for fiscal year 2004 is expected to be between Rs 2,278 crore and Rs 2,318 crore." The registered a total income of Rs 2,051 crore for the fiscal 2003, representing an increase of 13.78 percent when compared to Rs 1803 crore registered during fiscal 2002.





Talking about his future plans, Raju added that the trend towards increasing reliance on offshore providers presents a large opportunity for a mature and visible player like Satyam. "Our strategy to leverage this opportunity has several facets. Firstly, our verticalized organizational design that facilitates engaging with customers, is increasingly based on domain knowledge. Secondly, our proactive and ROI based approach in providing business solutions helps our customers compete better in their respective markets. During the year 2004, we will continue to pursue growth strategies both organic and inorganic vigorously," he explained.







"I am also pleased to inform you that our Associate company Sify Ltd., achieved cash break even for the fourth quarter indicative of the positive outlook going forward," Raju added.







With a view to adopting a realistic approach with respect to some of the company’s past investments, the company has decided to make a provision to the tune of Rs 152 crore in its books towards diminution of such investments. Within this, the main amount relates to VisionCompass at Rs.126 crore.







"Even though VisionCompass turned in a profitable year, based on considerations of size, efforts and focus, we have taken a decision to discontinue the operations of the company. We are not very successful in finding a possible investor for VisionCompass and we don’t want to prolong the process now. So from now on VisionCompass will cease to exist and all its products and offerings will be now a part of Satyam. Some of its products will be added to our set of product offerings in Business Intelligence segment," he explained.







He also mentioned that amidst the SARS scare in the Chinese region, the company would continue to carry on with its focus in that region. "The issue of SARS is a temporary on and we have a long term approach when it comes to China. The Chinese market is expanding very rapidly and more importantly, it is going to give us a chance to enter into other regional markets. So we will continue our focus towards that region," Raju added.

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