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Satyam posts 35.3 per cent revenue growth
HYDERABAD — Satyam Computer Services, one of India's leading IT firms, yesterday announced that it has registered a 35.3 per cent growth in its revenues during fiscal 2006-07, meeting the growth expectations.
The company earned revenues of Rs64.85 billion, a growth of 35.3 per cent over fiscal 2005-06. The total income was Rs66.68 billion, an increase of 35.8 per cent over last fiscal. The net profit after tax was Rs14.05 billion representing a growth of 43.1 per cent.
The earning per share (EPS) at Rs.21.45 grew by 40.6 per cent over 2005-06.
For fiscal 2007-08, under US GAAP, revenue is expected to be between $1.87 billion and $1.9 billion, implying a growth rate of 28 per cent to 30 per cent over fiscal 2006-07.
Corresponding revenue growth under Indian GAAP consolidated is expected to be between 20 and 22 per cent. EPS for the full year is expected to be between Rs25.32 and Rs25.73, a growth of 18 to 20 per cent.
Satyam registered an increase of 38.3 per cent in its net profit for the fourth-quarter ended on March 31, 2007 compared to the same period last fiscal.
The company earned revenue of Rs17.79 billion during the fourth-quarter, a year-on-year increase of 35.4 per cent and a sequential increase of 7.1 per cent.
Total income earned during the quarter was Rs18.50 billion translating into a year-on-year increase of 37.8 per cent and a sequential increase of 10.7 per cent.
Nipuna, the BPO arm of Satyam, recorded revenues of $38.3 million, a growth of 91 per cent over fiscal 2006.
The revenue guidance for fiscal 2008 stands at $61 million, a growth of 60 per cent over the previous year.
During the quarter, Nipuna added three customers. The company is now handling 64 processes for 33 customers in engineering, healthcare, insurance, artwork management, IT helpdesk, finance and accounts, animation and customer support.
The company added 138 customers in fiscal 2007 including seven Fortune 500 customers. The number of customers billing more than $10 million increased to 35 from 27 during the year. The number of customers billing more than $1 million increased by 20 per cent to 180.
Satyam ended the quarter with 35,670 associates, an addition of 1,265 associates including 600 trainees for the fourth quarter. The number of associates including those of subsidiaries and joint ventures stood at 39,552.
"The strong performance in FY 07 is a culmination of strategic initiatives taken by the company on several fronts notably in the areas of relationship management, deepening of competencies and associate delight," said B. Ramalinga Raju, founder and chairman, Satyam.
"We continue to win the confidence of our prominent customers resulting in opportunities of significant size and criticality. Our recent win of a $200 million deal from Applied Materials in Q4 based on a managed services model is illustrative of this trend."
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