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Home > Business > Reuters > Report

Satyam Q3 net down 2.2%, below forecast

January 23, 2003 12:05 IST

Satyam Computer Services, India's fourth-largest software services exporter, said on Thursday quarterly profit fell 2.2 per cent, below market expectations.

US-listed Satyam, which counts General Electric as its top client, posted a net profit of 1.17 billion or diluted earnings per share of Rs 3.70 in the fiscal third quarter ended December 31.

That compared with a profit of Rs 119 crore (Rs 1.19 billion), or Rs 3.80 a share, in the year-ago period.

Total income rose 16.9 per cent to Rs 521 crore (Rs 5.21 billion) from Rs 446 crore (Rs 4.46 billion).

The results came below a median net profit of Rs 1.27 billion and total income of Rs 536 crore (Rs 5.36 billion), according to a Reuters poll of 12 analysts released earlier this month.

Shares of Satyam have jumped 21 per cent since end-September, outperforming a 16 per cent rise in the Bombay Stock Exchange's infotech index. It's shares closed 1.35 per cent down at Rs 260.15 on Wednesday in a flat market.

© Copyright 2003 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.



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