Satyam announces higher income, profits : revises guidance to 31 per cent

Hyderabad:
24 January 2004

Hyderabad: According to the audited results for the third quarter of the current fiscal ending December 31, 2003. Satyam Computer Services' (NYSE:SAY) total income for the quarter (under Indian GAAP) increased to Rs 691.15 crore (US $ 151.90 mn.) up from Rs 521.50 crore (US $ 108.06 mn.), a rise of 32.53 per cent. Revenues from software alone were Rs 662.70 crore (US$145.65 mn.), against Rs 522.26 crore (US $ 108.22 mn.) in the corresponding quarter of the previous year, a 26.89 per cent increase.

Satyam has significantly surpassed its guidance of Rs 620 crore to Rs 630 crore issued at the end of the second quarter of the current fiscal year. The sequential revenue growth of 10.73 per cent in Q3 is grew on the back of strong volume growth and price stability.

Net Profit:
Net profit at Rs 145.87 crore (US $ 32.06 mn.) shows a 24.95 per cent increase over Q3 of the previous year.

EPS:
EPS for the third quarter at Rs 4.63 on par value of Rs2 per share is well above the Rs 4.05 to Rs 4.15 range forecast earlier.

Business Outlook:

Quarterly Guidance:
The outlook for the quarter ending March 31, 2004, indicates Income from software services to be between Rs 690 crore and Rs 700 crore and EPS for the quarter to be between Rs 4.58 and Rs 4.65.