Satyam, which specialises in business software and offers back-office outsourcing services, said on Friday consolidated net profit for the quarter ended September 30 rose to Rs 581 crore ($120 million) from Rs 409 crore a year ago. Sources had forecast a net profit of Rs 536 crore for Satyam, whose customers include General Electric, Nestle, Qantas Airways, Emirates Bank International and Fujitsu Services.
Last bigger rival Infosys Technologies also cut its forecast for full-year dollar revenues due to the global financial crisis, even after it beat expectations with a 30 per cent rise in quarterly profit.
India's export-driven software service firms, used to a scorching pace of growth, have been badly hit by a slowdown in the United States, which contributes more than half their revenue, and the spreading global financial turmoil.
Shares in Satyam, based in Hyderabad, fell 32 per cent in the September quarter, worse than a 23 per cent decline in the IT sector index and the main Mumbai index's 4.5 per cent fall.