Satyam posts 35.3 percent revenue growth

Friday, 20 April 2007, 07:00 Hrs
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Hyderabad: Satyam Computer Services, one of India's leading IT firms, Friday announced that it has registered a 35.3 percent growth in its revenues during fiscal 2006-07, meeting the growth expectations.

The company earned revenues of 64.85 billion, a growth of 35.3 percent over fiscal 2005-06. The total income was 66.68 billion, an increase of 35.8 percent over last fiscal. The net profit after tax was 14.05 billion representing a growth of 43.1 percent.

The earning per share (EPS) at 21.45 grew by 40.6 percent over 2005-06.

For fiscal 2007-08, under US GAAP, revenue is expected to be between $1.87 billion and $1.9 billion, implying a growth rate of 28 percent to 30 percent over fiscal 2006-07.

Corresponding revenue growth under Indian GAAP consolidated is expected to be between 20 and 22 percent. EPS for the full year is expected to be between 25.32 and 25.73, a growth of 18 to 20 percent.

Satyam registered an increase of 38.3 percent in its net profit for the fourth-quarter ended March 31, 2007 compared to the same period last fiscal.

The company earned revenue of 17.79 billion during the fourth-quarter, a year-on-year increase of 35.4 percent and a sequential increase of 7.1 percent.

Total income earned during the quarter was 18.50 billion translating into a year-on-year increase of 37.8 percent and a sequential increase of 10.7 percent.

Nipuna, the BPO arm of Satyam, recorded revenues of $38.3 million, a growth of 91 percent over fiscal 2006.

The revenue guidance for fiscal 2008 stands at $61 million, a growth of 60 percent over the previous year.

During the quarter, Nipuna added three customers. The company is now handling 64 processes for 33 customers in engineering, healthcare, insurance, artwork management, IT helpdesk, finance and accounts, animation and customer support.

The company added 138 customers in fiscal 2007 including seven Fortune 500 customers. The number of customers billing more than $10 million increased to 35 from 27 during the year. The number of customers billing more than $1 million increased by 20 percent to 180.

Satyam ended the quarter with 35,670 associates, an addition of 1,265 associates including 600 trainees for the fourth quarter. The number of associates including those of subsidiaries and joint ventures stood at 39,552.

"The strong performance in FY 07 is a culmination of strategic initiatives taken by the company on several fronts notably in the areas of relationship management, deepening of competencies and associate delight," said B. Ramalinga Raju, founder and chairman, Satyam.

"We continue to win the confidence of our prominent customers resulting in opportunities of significant size and criticality. Our recent win of a $200 mn deal from Applied Materials in Q4 based on a managed services model is illustrative of this trend."
Source: IANS
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