Satyam revenue at Rs 471 cr, net down 10%

N Venugopal
25 July 2002

Hyderabad: Satyam Computer Services Ltd has earned Rs 471.48 crore for the quarter ended 30 June 2002 as against Rs 421.02 crore during the corresponding quarter of the last fiscal year, recording an increase of 11.98 per cent.

The net profit after tax earned during the first quarter of fiscal 2002 was Rs 108.45 crore 10.72 per cent lower than Rs 121.46 crore earned during the corresponding quarter last fiscal.

Releasing the audited financial results for the quarter ended 30 June 2002 here after approval of the board meeting, Satyam chairman B Ramalinga Raju said: Satyams performance for the quarter has been in line with our forecast. We achieved an income from software services of Rs 463.81 crore and an earnings per share of Rs 3.45 as against a guidance of Rs 450-460 crore and Rs 3.40-3.50, respectively.

The company has added 27 new customers, including seven Fortune 500 companies, during the quarter. Satyams proposed business process outsourcing (BPO) subsidiary, Nipuna Services Ltd, is taking concrete shape in terms of infrastructure, human resources and business development.

Raju, however, declined to share specific figures with regard to investment and projections of the BPO subsidiary. The facility will have an initial capacity of 250 seats expandable to 750 seats.

Answering a query on the divestment proposal in Satyam Infoway, Raju said an appropriate conclusion is still awaited. We are cautiously weighing the offers so as to identify a suitable partner. Our commitment to divest our stake in Satyam Infoway fully or partially still holds good.