Satyam Computer Q2 net up 32.4%

By siliconindia staff writer   |   Wednesday, 20 October 2004, 07:00 Hrs
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MUMBAI: Satyam Computer Services has posted a 32.43 per cent rise in consolidated net profit at Rs 176.86 crore for the second quarter ended September 30, 2004 as against Rs 133.54 crore in the same period last fiscal.

According to the Indian accounting standards, the total income for the reporting quarter rose by 39.51 per cent to Rs 886.06 crore as against Rs 635.11 crore in July-September 2003, the company informed the Bombay Stock Exchange on Wednesday.

Commenting on the results, company chairman Ramalinga Raju said, "The strong growth in revenue was accompanied by margins expansion on account of continued rationalisation in selling, general and administrative expenses.”

The broad-based growth across verticals is a noteworthy feature of our performance in Q2.

The threshold revenue limit for entry into top 10 has increased by 87 per cent compared to the corresponding quarter last fiscal, indicating enhanced intimacy with existing customers, he added.

The company, in its outlook for the third quarter, said the income from the software services was expected to be between Rs 882-886 crore.

The income from software services for the financial year ending March 2005 was likely to be between Rs 3,415-3,428 crore, it added.

"These were good results, but big brothers TCS and Infosys raised the bar and had set new benchmarks in terms of performance expectations," said Sandeep Shenoy, strategist at Pioneer Intermediaries.

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