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Satyam Q2 net rises, cuts full year guidance

Satyam Q2 net rises, cuts full year guidance
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First Published: Fri, Oct 17 2008. 10 50 AM IST
Updated: Fri, Oct 17 2008. 10 50 AM IST
Bangalore: Satyam Computer Services Ltd reported a 42% jump in quarterly net profit, beating expectations, but cut its full-year revenue guidance in dollar terms.
Satyam, which specialises in business software and offers back-office outsourcing services, said that the consolidated net profit for the quarter ended 30 September rose to Rs5.81 billion ($120 million) from Rs4.09 billion a year ago.
A Reuters poll had forecast a net profit of Rs5.36 billion for Satyam, whose customers include General Electric, Nestle, Qantas Airways, Emirates Bank International and Fujitsu Services.
Last bigger rival Infosys Technologies also cut its forecast for full-year dollar revenues due to the global financial crisis, even after it beat expectations with a 30% rise in quarterly profit.
India’s export-driven software service firms, used to a scorching pace of growth, have been badly hit by a slowdown in the United States, which contributes more than half their revenue, and the spreading global financial turmoil.
Shares in Satyam, based in the southern city of Hyderabad, fell 32% in the September quarter, worse than a 23% decline in the IT sector index and the main Mumbai index’s 4.5% fall.
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First Published: Fri, Oct 17 2008. 10 50 AM IST