Satyam Computer Services - Topped Q1 IT Company

[VelMurugan]

Satyam

The Hyderabad-based IT services provider, Satyam Computer Services reported highest quarterly profits. The company reported a 45 per cent rise in quarterly profit, beating forecast, helped by a weaker rupee, growth in Asia-Pacific revenues.

New York-listed Satyam reported a rise in consolidated net profit for the quarter ended June to Rs 5.48 billion ($128 million) from Rs 3.78 billion a year ago.

Chairman B Ramalinga Raju said, "The company managed to maintain guidance in dollar terms sequentially and the earning per share was up significantly by 17.7 per cent."

During the quarter, Satyam managed to grow Asia-Pacific revenues faster than other markets and this would help bring down dependence on limited geographies, he said.

While expectedly the BFSI (banking and financial services and insurance) sector didn't show any growth during the quarter due to current business environment, sectors such as TIMES (telecom, infrastructure, media, entertainment and semiconductor), retail, transportation and logistics did well.

The company's BPO arm, however, witnessed a massive clamp down in the animation sector, which it expects to tide over in the current quarter. Interestingly, Satyam's attrition for the first quarter was among the lowest in the industry at 10.95 per cent.

As regards the outlook, better margin performance and prevailing forex rates have made Satyam upbeat on FY09.

Source : IndiaTimes