Satyam Computer Services Ltd's annual revenues appear to be about $1.5 billion to $1.7 billion, three sources who have analysed data provided by the outsourcing firm to bidders said on Thursday.

The number, though sharply lower than the $2.14 billion the Hyderabad-based information technology firm had reported for 2007-08, is much higher than analysts' expectations.

Satyam has not reported earnings since reporting July-September numbers in October.

After the government-nominated directors took control of the board of Satyam, two audit firms - KPMG and Deloitte - were asked to restate the accounts of the company. While the two audit firms are expected to take six months for the job, the companies that have evinced interest in picking up a stake in Satyam are being given restated accounts for six months ended December 2008.

According to a top ministry of corporate affairs official, Satyam continues to retain its position among India's top five software service providers.

''Satyam continues to have strong revenues. The difference between its turnover and the next highest is around 10-15 per cent,'' he said.

The official, however, did not disclose his idea of the revenue and net profit saying it would interfere with the ongoing process for selling a strategic stake in Satyam.

Based on the data available, HCL Technologies, which was the fifth-largest IT firm before the scam-hit Satyam, recorded a revenue of Rs.4,860 crore in the July-December 2008. So, 10-15 per cent less than HCL means Satyam's turnover is Rs 4,100-4,400 crore.

At this turnover, Satyam's top line has dipped by only 1-7 per cent compared with the year-ago period (July-December 2007).

However, the restated accounts are not available for January-March 2009, the critical period after Raju's confession and the government taking control of the company. The official said Satyam had performed well in January and February by operating without taking bank loans, adding that client churn rate was not abnormal.

The government appointed committee is still assessing the profitability of Satyam ahead of finalising bids for a 51 per cent stake.
There were reports that more than 40 clients of Satyam have left the firm since the revelation by its founder B Ramalinga Raju that he has manipulated the books of accounts.

The financial bids for acquiring a strategic stake in Satyam will be opened on April 13. Larsen & Toubro, India's largest private engineering firm, and Tech Mahindra, are reported to be in the fray. If the difference between the top two bids is more than 10 per cent, the name of the winner will be announced the same day. If it is lower than 10 per cent, an open auction will be conducted.

Satyam is believed to have been holding a landbank of about Rs1,800 crore. Satyam has close to 450-500 acres of land in India and 60-100 acres outside India. The built-up area will gross at least 7.5 million sq. ft spread over Hyderabad, Bangalore, Chennai, Vizhakapatnam, Bhubaneshwar, Egypt, Malaysia and China.

Over and above this, it also has freehold land where information technology (IT) special economic zones can be constructed. It has 150 acres in Nagpur, 50 acres in Madurai and Gandhinagar and 20 acres in Pune.

Shares of the company gained Rs1.5, or 3.29 per cent, to end at Rs.47.15 on the Bombay Stock Exchange on Thursday. The total volume of shares traded was 23,977,654 at the BSE.

Meanwhile, Maytas Infra, the company promoted by the kin of the disgraced founder of Satyam, today said it had appointed K Ramalingam and Anil K Agarwal as directors on the board of the company. In a filing to the Bombay Stock Exchange, Maytas said Ramalingam would also be the chairman on its board.