Satyam 2008-09 revenue seen at $1.5-1.7 billion

11 April 2009

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.