Satyam Q1 net profit rises 43 per cent

Hyderabad: Satyam Computer Services Ltd has recorded software revenues of Rs 771.50 crore (as against guidance of Rs 732 crore) and a net profit of Rs 173.48 crore for the first quarter ended June 30, 2004.

It has registered an increase of 37.85 per cent in revenues and 43 per cent in net profit over corresponding quarter last year.

Sequentially, revenue was up 7.05 per cent and net profit was higher by 23 per cent. The company has revised guidance for the current year upwards to be in the range of Rs 3,268 crore to Rs 3,312 crore. The revision of guidance was on the account of business outlook and rupee depreciation witnessed during first quarter. For the quarter-ended September 2004, the company has projected revenues in the range of Rs 805 crore to Rs 810 crore.

Taking into account other income of Rs 30.76 crore, the total income for the first quarter was Rs 802.26 crore. For the financial-year ended 2003-04, the company recorded total income of Rs 2,623.27 crore and a net profit of Rs 555.79 crore.

The EPS for the fiscal is expected to be between Rs 21.71 and Rs 22.06, implying a growth rate of 26.2 per cent over fiscal 2004. The earlier forecast for annual EPS growth was 17.91 per cent to 19.88 per cent.