Satyam Q4 profit up 18 pc at Rs 468 cr
Satyam beat bigger rivals Infosys, TCS and Wipro in net profit growth but posted the slowest profit growth in 3 quarters. HT Correspondent reports.business Updated: Apr 21, 2008 22:59 IST
Satyam Computer Services (Satyam), India's number four outsourcing company in terms of revenues, beat bigger rivals Infosys, TCS and Wipro in net profit growth but posted the slowest profit growth in three quarters as higher wages and marketing costs eroded earnings.
The Hyderabad-based Satyam, logged net profit of about Rs 467 crore in the quarter ended March 31, an increase of 18.6 per cent from a year earlier. Sales rose 35.8 per cent during the quarter to Rs 2,416 crore, according to an official statement.
For the year ending March 31, net profit grew 20.2 per cent to Rs 1,688 crore and revenue expanded 30.7 per cent to Rs 8,473 crore.
Satyam forecast revenue of between Rs 10,500 crore and Rs 10,670 crore for the fiscal year ending March 31, 2009 at a growth rate of 23.9-25.9 per cent. Earnings per share are expected to grow 17 - 19 per cent, it said.
Satyam beat bigger rivals Infosys and Wipro, the country’s second- and third-largest software makers, which last week reported profit growth of 9.2 per cent and 3 per cent respectively for the quarter.
Satyam won new business and added 32 customers in the quarter, and withstood the US slowdown better. US companies have pared technology budgets which has hurt India's $64-billion software industry, which earns almost two-thirds of its revenue from the world's biggest economy.
Satyam shares were up Rs 3.75, or 0.8 per cent, in early afternoon trade at Rs 472.70 on the Bombay stock exchange.