Satyam Q2 net up 28 pct at Rs 409 crore | business | Hindustan Times
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Satyam Q2 net up 28 pct at Rs 409 crore

India’s fourth largest software exporter posts Rs 2,031.7 cr on the back of growing outsourcing contracts from the US, Europe and an expansion into non-US regions, reports Venkatesh Ganesh.

business Updated: Oct 23, 2007 20:57 IST
Venkatesh Ganesh

Riding on the back of growing outsourcing contracts from the US, Europe and an expansion into non-US regions saw India’s fourth largest software exporter Satyam Computer Services post revenues of Rs 2,031.7 crore, a 26.8 per cent increase over the same quarter a year ago.



The company’s second quarter net profits stood at Rs 409 crore, a 28 per cent increase year-on-year, while earnings per share (EPS) increased by 25 per cent, at Rs 6.12.



Satyam also announced a $5.5 million acquisition of Nitor, a UK-based consulting company that manages PCs and networks for companies in the telecom, banking, pharmaceutical and media sectors. Nitor, founded in 2002, had revenues of $3 million. Shares of Satyam closed at Rs. 461.75, a 2.97 per cent increase over yesterday’s close.



The company also announced a tie up with Fujitsu Services, the European arm of Japanese major Fujitsu, for an outsourcing contract from Reuters, that will be executed over ten years. During the quarter, the company announced another $100-million deal with a European oil and gas company.



“We are looking at 20 deals in excess of $50 million in the next few quarters,” Srinivas Vadlamani, CFO, Satyam told

Hindustan Times

. Vadlamani said that the company remained upbeat about getting outsourcing orders despite a looming recession in the US.