Satyam earns net profit of Rs 547 crore in Q1

Hyderabad, Jul 18 (UNI) Satyam, a leading global business and information technology services company, today announced that it had earned net profit of Rs 547 crore during the first quarter ending June 30, 2008 as against the profit of Rs 378 crore during the corresponding period last year, registering a growth of 44.8 per cent.

Releasing the results here, Satyam Computers Founder and Chairman B Ramalinga Raju said Satyam had forged ahead during the first quarter desite difficult economic environment in key markets. ''Our focus on transformation initiatives is finding greater acceptance from customers, enhancing our ability to garner a higher share of their spend,'' he added.

He said the total income for the first quarter of the year was Rs 2,653 crore, registering 40.3 per cent YoY growth and 8.8 per cent QoQ growth. The software revenues for the first quarter of the year was Rs 2,620 crore as against Rs 1830 crore last year, with a growth of 43.2 per cent, he added.

Stating that the revenue guidance for the second quarter of the present year was Rs 2,743 crore to 2,769 crore, he said the revenue guidance for the year 2008-09 was Rs 11,181 crore to 11,363 crore, with a growth of 32 per cent to 34.1 per cent.

He said the company had added 34 new customers to take the total customer base to 631.

Mr Raju said the first quarter had witnessed increased business activity in Asia Pacific and Middle East. Further, companies in Europe that were slow to embrace offshoring were showing increasing interest in capitalising on global delivery model. These regions continue to promise significant growth going forward.

He said, ''we are yet to see clear and consistent signals emanating from the banking and financial service sector, which continues to be fluid. Moreover, the US economy has been impacted by high energy costs and rising inflation. This impacts sectors such as retail and transportation, where there is greater need for higher operational efficiency in the near term.'' UNI BR MDG 1554