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Satyam says not hit by US subprime woes

Satyam says not hit by US subprime woes
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First Published: Tue, Sep 11 2007. 12 52 PM IST
Updated: Tue, Sep 11 2007. 12 52 PM IST
Reuters
Singapore: Indian software services firm Satyam Computer Services, which earns more than half its revenue in the US, said on Monday, 11 September, that so far it had not been affected by the US housing loans crisis.
Satyam chairman B Ramalinga Raju said he expects sales growth in Asia and Europe to outpace that of its larger American operations in the next several years.
He also said that a possible recession in the world’s largest economy, where Satyam generates about 58% of its annual revenue, was still a source of concern.
“At this time it’s a potential risk but not one that has resulted in a tangible downside so far,” Raju told Reuters in Singapore at the sidelines of the Forbes CEO conference.
He said Satyam, which specializes in business software, consulting and process outsourcing — draws about 30% of its US revenues from the financial sector, which is the worst hit by the subprime mortgage crisis.
Raju said the company has no plans to alter its July guidance of about 35% rise in revenue to around $2 billion by the close of its fiscal year ending March 2008.
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First Published: Tue, Sep 11 2007. 12 52 PM IST