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Satyam registers 29 percent third quarter profit growth
Tuesday, 22 January 2008, 18:10 IST
Hyderabad: Beating estimates, Satyam Computer Services, India's fourth largest IT services provider, posted 29 percent rise in profit during the quarter ended December 2007.
The net profit after tax was 
4.34 billion ($110 million) from 3.37 billion ($86 million) during the same quarter last year. The increase in profit was 6 percent over the previous quarter.
The revenues during the quarter were 21.95 billion ($557 million), a growth of 8.1 percent over the previous quarter and a year-over-year (YoY) increase of 32.2 percent.
Earning per share (EPS) was 6.48, a YoY increase of 26.1 percent and a sequential increase of 5.9 percent.
For the next quarter, the revenue growth rate is expected to be between 5.3 percent and 5.8 percent. The company has also revived revenue guidance for fiscal 2007-08 upwards from 83.68 billion to 83.79 billion, a growth of 29 to 29.2 percent over last fiscal.
"We enjoyed a strong third quarter. Several key strategies to enhance our portfolio of capabilities and solidify our position as a leading provider of integrated, end-to-end business transformation services are bearing fruit," said B. Ramalinga Raju, Satyam's founder and chairman.
"The highlight of the quarter was the continued improvement in all operating parameters, which helped us post better than guided performance," said Satyam Chief Financial Officer Srinivas Vadlamani.
The company added 32 new customers in the quarter, including eight Fortune 500 corporations. The total number of customers is 630 including 181 Fortune Global and US 500 customers.
Some prominent customer additions include Federation Internationale de Football Association (FIFA), a German IT services provider and a subsidiary of one of the world's largest media and entertainment conglomerates and the organisation responsible for public transport in Greater London.
Satyam has been selected as the official IT services provider to the world's largest sporting event - the FIFA World Cup - in 2010 to be held in South Africa and 2014 to be held in Brazil.
The company added 3,424 employees during the year. The total number of employees including those of subsidiaries and joint ventures has gone up to 49,199.
During the quarter, Nipuna changed its name to Satyam BPO Services. The organisation posted revenues of $15.3 million, and a net loss of $2.4 million. The revenue guidance for fiscal 2008-09 is $61 million, which represents growth of 60 percent over the previous year.
Source: IANS
4.34 billion ($110 million) from 3.37 billion ($86 million) during the same quarter last year. The increase in profit was 6 percent over the previous quarter.
The revenues during the quarter were 21.95 billion ($557 million), a growth of 8.1 percent over the previous quarter and a year-over-year (YoY) increase of 32.2 percent.
Earning per share (EPS) was 6.48, a YoY increase of 26.1 percent and a sequential increase of 5.9 percent.
For the next quarter, the revenue growth rate is expected to be between 5.3 percent and 5.8 percent. The company has also revived revenue guidance for fiscal 2007-08 upwards from 83.68 billion to 83.79 billion, a growth of 29 to 29.2 percent over last fiscal.
"We enjoyed a strong third quarter. Several key strategies to enhance our portfolio of capabilities and solidify our position as a leading provider of integrated, end-to-end business transformation services are bearing fruit," said B. Ramalinga Raju, Satyam's founder and chairman.
"The highlight of the quarter was the continued improvement in all operating parameters, which helped us post better than guided performance," said Satyam Chief Financial Officer Srinivas Vadlamani.
The company added 32 new customers in the quarter, including eight Fortune 500 corporations. The total number of customers is 630 including 181 Fortune Global and US 500 customers.
Some prominent customer additions include Federation Internationale de Football Association (FIFA), a German IT services provider and a subsidiary of one of the world's largest media and entertainment conglomerates and the organisation responsible for public transport in Greater London.
Satyam has been selected as the official IT services provider to the world's largest sporting event - the FIFA World Cup - in 2010 to be held in South Africa and 2014 to be held in Brazil.
The company added 3,424 employees during the year. The total number of employees including those of subsidiaries and joint ventures has gone up to 49,199.
During the quarter, Nipuna changed its name to Satyam BPO Services. The organisation posted revenues of $15.3 million, and a net loss of $2.4 million. The revenue guidance for fiscal 2008-09 is $61 million, which represents growth of 60 percent over the previous year.
Source: IANS