Satyam net goes up 21% ducks rupee appreciation
India’s fourth largest software services exporter Satyam Computer Servies Ltd posted a 27.9 percent rise in net profit at Rs.409 crores for the second quarter, beating market expectations.
The total revenue of the Hydrabad-based company stood at Rs.2031.7 crores, a year-on-year growth of 26.80 percent and a sequential rise of 11 percent.
Ramalinga Raju, Chairman, Satyam Computer Services said that they had been able to perform phenomenally well during the second quarter registering highest growth rate in doller terms. He said that Satyam continued its rapid growth across the sectors and regions including financial serives, energy, utilities and telecommunications, media and entertainment.
He said that the improvements in prices, new customers and greater propensity to do more things from offshore contributed to their growth. The company also announced a tie-up with Fujitsu Services, the European arm of Japanese major Fujitsu, for an outsourcing contract from Reuters, tha will be executed over 10 years.
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.
