Satyam's profit pulled down by its associates

By siliconindia staff writer   |   Friday, 23 January 2004, 08:00 Hrs
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HYDERABAD: The losses incurred by different subsidiaries and associate companies of Satyam Computer has brought down the profit under the USGAAP for the third quarter in comparison to the profit as per Indian GAAP.

According to the reconciliation statement, the company’s profit as per Indian GAAP is at $32.05 million in Q3 FY04 as against $28.99 million under the USGAAP for the same period. The losses of subsidiaries and associate companies was put at $2.49 million on a revenue of $148.07 million.

Among the subsidiaries, Satyam Manufacturing Technologies incurred a net loss of $0.03 million on a revenue of $0.09 million, while the net loss of Nipuna touched $1.68 million on a revenue of $0.77 million. The Chinese subsidiary’s loss stood at $0.14 million on a revenue of $0.16 million.

CA Satyam ASP, the joint venture between Satyam and Computer Associates, recorded a revenue of $0.23 million and a net loss of $0.06 million for Q3. Satyam Venture Engineering Services is the only company that has posted a net profit of $0.06 million on a revenue of $2.62 million. Satyam’s associate company, Sify, recorded a net loss of $2.25 million while its revenue was at $15.62 million.

The software design and development service constitutes more than 45% of software revenue (50.28% in Q3 2003), while packaged software implementation contributed 27.69% (21.05%) and software maintenance comprised 22.54% (26.46%). In Q3 FY04, the revenue from manufacturing line of business constitutes 32.4%, banking & finance 16.56%, insurance 15%, telecom 11.36% and healthcare 6.96%, respectively.

With 29 customers added during Q3 FY04, the company now has 301 active customers. Meanwhile, Satyam’s top client, GE, has extended the master services’ agreement for three years. Revenue from GE accounted for 12.92% of the total revenue, while top 10 clients contributed to almost 50% of Satyam’s software revenue.

(Courtesy: ET)

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