Satyam Q3 beats street, net at $31.7 million

By SiliconIndia   |   Thursday, 22 January 2004, 08:00 Hrs
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MUMBAI: Satyam Computer Services on Thursday reported a better-than-expected 25 percent rise in quarterly profit and raised its forecast as growing outsourcing by overseas clients lifted business.

The results boosted its shares, which rose as much as 4.6 percent in a mildly positive broad market.

Satyam's results came after larger rivals announced higher-than-expected profits and pointed to further growth ahead on rising contracts and stabilising billing rates. Infosys Technologies Ltd reported earnings two weeks ago and Wipro Ltd on Wednesday

Hyderabad-based Satyam said net profit was Rs 146 crore in the third quarter ended December 31. That compared with a reported net profit of Rs 117 crore a year earlier and Rs 148 crore in the second quarter.

A Reuters poll of 15 brokerages had forecast the firm to post a net profit of Rs 137 crore on sales of Rs 630 crore.

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