Satyam Q2 net jumps 100% YoY

BANGALORE: Satyam Computer Services Ltd., on Wednesday beat market estimates

by reporting net profit doubled in the July-September quarter from a year

earlier.

Satyam, which derives the majority of its revenue from North America, said

profit rose to Rs 1.34 billion ($28 million) from 669 million a year earlier as

it added 24 new clients in its second quarter. Earnings per share of the New

York Stock Exchange-listed company increased to Rs 4.24 from Rs 2.38 while total

income rose 60 per cent to Rs 4.53 billion.

That exceeded the median net profit estimate of Rs 1.23 billion, up 84 per

cent, in a Reuters poll of 14 brokerages. The poll forecast a 48 per cent surge

in net sales to 4.20 billion. The results were announced just before start of

market hours.

The company, which provides software services to giants like General Electric

and Sony, is based in the southern city of Hyderabad and employs over 8,500

workers.

On Tuesday, Satyam's shares ended 3.9 per cent up at Rs 162.35 on the Bombay

Stock Exchange -- down 62 per cent from their 2001 high of Rs 429.70 hit in

January, but has recovered 46 per cent from its year's low of Rs 111.0 struck

last month.

(C) Reuters Limited.