Satyam Computer Q1 net up 16%

By agencies   |   Thursday, 21 July 2005, 07:00 Hrs
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BANGALORE: Satyam Computer Services Ltd, the country's fourth-largest software exporter, said on Thursday its quarterly net profit rose 16 percent.

New York-listed Satyam which implements business software made by companies such as SAP said its consolidated net profit in the fiscal first quarter ended June 30 rose to Rs 190 crore ($43.7 million), compared with Rs 1.64 billion in the same period of the previous year.

Quarterly revenue rose to Rs 10.59 billion from Rs 7.8 billion above analyst expectations of Rs 10.37 billion. Hyderabad-based Satyam's shares have risen 57 percent from the year's low, compared with a rise of 49 percent in Bombay's information technology index.

Satyam Computer Services Ltd, the country's fourth-largest software exporter also said today it expected revenues in the fiscal second quarter to touch $255-257 million.

The company said it added 31 clients in the first quarter to June 30 and 1,341 employees and would acquire Singapore-based Knowledge Dynamics for $5.6 million in an all-cash deal.

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