Satyam net rises 55% to Rs 490 crore
By N Venugopal | 25 Apr 2002
Hyderabad: Satyam Computer Services Ltd, the city-based blue-chip software services company, has earned a total income of Rs 1,803.09 crore for the financial year ended 31 March 2002 as against Rs 1,241.67 crore during the previous financial year, registering a 45.21 per cent increase.
The company earned a net profit of Rs 490.13 crore for the financial year, registering a growth of 55 per cent from Rs 316.16 crore earned during the last financial year.
“We continue to compete successfully with global IT service companies. The weak economic scenario in major markets has been a source of concern for IT services companies, but Satyam addressed the issues by strengthening its existing client relationships as well as its enterprise solutions offerings,“ says Satyam chairman B Ramalinga Raju.
To meet the challenges of the global economic scene in the coming years, the company has evolved a couple of key strategies, says Raju. The salient features of the new strategic focus include concentrating on five major vertical segments of automotive, banking and financial services, insurance and healthcare, manufacturing and telecom and strengthening offerings in enterprise solutions, IT outsourcing, network and systems, hi-tech solutions and engineering services.
Satyam has also decided to enter business process outsourcing (BPO) space in a big way by creating a separate subsidiary company. Raju, however, declines to elaborate on the initiative: “We believe there is a fair amount of ground in BPO space. We are evaluating the opportunity and the decision is interlinked with several other decisions.“
About the possible acquisition of Satyam's subsidiary Sify by Reliance, Raju says: “We are looking at both Indian and international strategic partners. The reports on clinching the deal with Reliance are not based on definitive facts; they are substantially speculative.“
The company earned a net profit of Rs 490.13 crore for the financial year, registering a growth of 55 per cent from Rs 316.16 crore earned during the last financial year.“We continue to compete successfully with global IT service companies. The weak economic scenario in major markets has been a source of concern for IT services companies, but Satyam addressed the issues by strengthening its existing client relationships as well as its enterprise solutions offerings,“ says Satyam chairman B Ramalinga Raju.
To meet the challenges of the global economic scene in the coming years, the company has evolved a couple of key strategies, says Raju. The salient features of the new strategic focus include concentrating on five major vertical segments of automotive, banking and financial services, insurance and healthcare, manufacturing and telecom and strengthening offerings in enterprise solutions, IT outsourcing, network and systems, hi-tech solutions and engineering services.
Satyam has also decided to enter business process outsourcing (BPO) space in a big way by creating a separate subsidiary company. Raju, however, declines to elaborate on the initiative: “We believe there is a fair amount of ground in BPO space. We are evaluating the opportunity and the decision is interlinked with several other decisions.“
About the possible acquisition of Satyam's subsidiary Sify by Reliance, Raju says: “We are looking at both Indian and international strategic partners. The reports on clinching the deal with Reliance are not based on definitive facts; they are substantially speculative.“