Satyam rev up 11%, profit dips 12%

CIOL Bureau
New Update

BANGALORE: Satyam Computers Services Limited reported a revenue increase of 11 percent for the quarter ended 30 September 2002 by registering Rs 505.05 crore, against the corresponding period last year where it had garnered Rs 453.50 crore.

However net profits for the quarter fell by almost 12 percent as it managed Rs 118.15 crore this quarter as against Rs 134.08 crore, a year ago. Earnings per share also fell by 11.5 percent as it recorded Rs 3.75 for the quarter in comparison to Rs 4.24 posted during the same quarter a year ago.

Satyam said it expects October-December software sales at Rs 525- Rs 540 crore Software as against the software sales in the July-September second quarter were Rs 499 crore. The Hyderabad-based firm forecast earnings per share for the third quarter at Rs 4.0-4.2, up from Rs 3.75 in the second quarter.

But it cut its full year earnings per share forecast to Rs 16.06-Rs 16.26 from Rs 17.1-17.5 projected earlier. It maintained its full-year forecast of an 18-20 percent rise in software income in dollar terms.

Satyam, which serves more than 250 clients and counts General Electric as its No. 1 customer, has been relying on volume-led growth in a weak market but compared to its peers, it has been hit harder as its customers press for lower rates.