Satyam Q1 income at Rs 570 cr

New Delhi: Satyam Computer Services (www.satyam.com) today announced the audited results of the company for the quarter ended 30 June 2003.

Revenues from software services stood at Rs 559.65 crore ($118.92 million), exceeding the guidance Rs 540-545 crore. The revenue guidance for the current year is revised upwards between 18-20 per cent in US dollar terms as against 15-17 per cent indicated.

The total income for the quarter ended 30 June 2003 (Q1) (under Indian GAAP) at Rs 570.35 crore ($121.20 million), represented a year-on-year growth of 25.85 per cent. The net profit achieved at Rs 121.49 crore indicates a 4.93-per cent growth over the previous quarter.

The EPS for the quarter stood at Rs 3.86, at the upper end of guidance of Rs 3.81-3.86 given earlier. The net employee addition for the quarter is at 833, the highest in the last 10 quarters.

Satyam added 22 new customers during the first quarter. Pre-eminent providers of investment banking and financial services in the UK and Australia were two significant customer additions. DuPont selected Satyam for an end-to-end SAP implementation for their surfaces business unit.

Further, Satyam implemented SAP CRM in Saint Gobain Abrasives. A leading North American manufacturer of building materials and one of the leading steel makers in the world also figure in Satyam's new customer list.

Says Satyam chairman B Ramalinga Raju: "An encouraging feature of our first quarter's revenue growth has been its dispersion across verticals, both established and nascent, as well as technology segments and all geographic regions. We believe that the various initiatives taken by us will substantially enhance our ability to create compelling value for all stakeholders."