Satyam Reports Strong Q1
July 21, 2008
Indian IT services company Satyam has reported a 45% increase in net income to INR 5.48 billion ($126.6m) for the first quarter 2009, on revenue up 43% at INR 26.2 billion ($637.3m)
The company added 34 new customers and 651 employees during the quarter.
V Srinivas, CFO at Satyam, said: “Improved operational efficiency, better cost management, and a favorable foreign exchange environment have helped us revise our fiscal 2009 EPS growth guidance upwards to 28% from 19% given earlier.”
In the second quarter it expects revenue between $645.6m and $651.9m and basic earnings per ADS at $0.35. For fiscal 2009, it expects revenue between $2.65 billion and $2.69 billion and basic earnings per ADS between $1.45 and $1.48.