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Follow UsMUMBAI: Shares of Indian software majors, Wipro Ltd and Satyam Computer Services had gained 5.1 per cent to Rs 1,445 and 6 per cent to Rs 305.80, respectively. While Wipro announced it's better-than-expected second quarter results today, Satyam is also predicted to do the same when it announces its second quarter results on October 23.
"All the companies, barring Mastek, have managed to impress the street. Now, the market expects Satyam to come out with higher earnings growth," said an institutional dealer with a domestic brokerage.
Wipro has posted a net profit of Rs 214.8 crore for the quarter ended September 30, 2003 as compared to Rs 209 crore for the quarter ended September 30, 2002, an increase of 2.77 per cent. Total income increased from Rs 1,004.9 crore in the second quarter ended September 30, 2002 to Rs 1,228.5 crore in the same quarter ended this fiscal.
On a consolidated basis, the group posted a net profit of Rs 230.2 crore for the quarter ended September 30, 2003 as compared to Rs 220.4 crore for the quarter ended September 30, 2002, up 4.44 per cent. Total income increased from Rs 1,062.1 crore in the second quarter ended September 30, 2002 to Rs 1,374.5 crore in the same quarter ended this year.
Market players said that the top line has beat market estimates, while the bottomline is just in line with expectations.
"The results are strictly okay. The topline growth is a little surprising. Again, with the overall outlook improving, technology shares could see sunny days ahead. However, the appreciating rupee to the dollar could be the bone of contention in the coming quarters," said an IT analyst with a leading domestic brokerage.
Satyam on the other hand had posted a net profit of Rs 121.49 crore for the first quarter ended June 30, 2003, up 12.03 per cent, compared to a net profit of Rs 108.44 crore for the quarter ended June 30, 2002.
Total income increased from Rs 471.48 crore in the June quarter of 2002 to Rs 570.34 crore in the quarter ended June 30, 2003.
Source: IRIS