Satyam Q3 net jumps 64%, beats forecasts

By agencies   |   Friday, 20 January 2006, 08:00 Hrs
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BANGALORE: IndiaÂ’s fourth largest software services exporter Satyam Computer Services today said its quarterly net profit rose 64 percent due to rise in outsourcing.

Hyderabad based Satyam said consolidated net profit for the fiscal third-quarter ended Dec. 31 was $61 million.

Satyam, which is also listed on New York Stock Exchange besides Bombay Stock Exchange, had earlier this week denied a report that IBM wanted to pick up a stake in the company.

The company, which specializes in implementing business software, has revised its earnings guidance for the full year to March.

Satyam however did not include the gain of $62.62 million from the sale of 31.61 percent stake to Silicon Valley based Infinity Capital.

Satyam reported that total income was $345 million. It also said it added 35 new clients in the latest quarter, which included six global or U.S. giants.

B. Ramalinga Raju, Chairman of Satyam Computer said, "Customers are increasingly looking for globally diversified and integrated solutions, which are creating opportunities for us to partner with them across multiple geographies. Our European and Asia-Pacific business is benefiting from this trend, in addition to increasing penetration in their home markets."

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