Satyam Q1 profit up as BPO biz grows

By siliconindia staff writer   |   Thursday, 22 July 2004, 07:00 Hrs
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MUMBAI: Satyam Computer Services Ltd, India's fourth-largest software service exporter, said its quarterly net profit rose as a U.S. economic recovery intensified the technology outsourcing wave.

New York-listed Satyam, based in Hyderabad, said its consolidated net profit was Rs 170 crore in the first quarter ended June 30, compared with Rs 120 crore in the year-ago period.

A Reuters poll of 11 brokerages had forecast Satyam, an e-commerce and business software specialist, to post a median consolidated net profit of Rs 152 crore on sales of Rs 761 crore in the quarter.

Satyam, which counts General Electric as its top client among more than 300, has been striving to keep pace with Infosys Technlogies Ltd and Wipro Ltd, India's top two listed software firms, while facing pressures from companies like Accenture expanding in India.

Satyam's shares have more than doubled over the past 12 months outperforming the Bombay Stock Exchange's information technology index, which has risen by about 72 percent.

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