Satyam's FY09 Q1 net profit rises 45 percent on new orders, weaker rupee
India's fourth largest IT consultant and software exporter, Satyam Computer Services has reported a 45 percent growth in net profits for the fiscal quarter ended June 30, 2008, attributing it to new orders and weaker rupee.
The IT firm, which offer solutions like system integration, application development, and supply chain designing and back-office services, said that under the Indian accounting practice (Indian Generally Accepted Accounting Principles or GAAP), its net profit (consolidated) for Q1 of FY09 stood at Rs.547.70 crore, up from Rs.378.32 crore posted in the corresponding period of the previous year (a year-on-year or YoY growth of 44.77 percent).
Total income (consolidated) in the quarter under review was Rs.2620.83 crore as against Rs.1830.19 crore in Q1 of FY08 (YoY growth of 43.19 percent).
Earnings per share or EPS was Rs.8.16 as against Rs.5.67 (YoY increase of 43.91 percent).
On a standalone basis under India GAAP, Satyam's total income stood at Rs.2526.90 crore as against Rs.1759.08 crore (YoY rise of 43.64 percent).
Net profit (standalone) for the quarter under review was Rs.575.91 crore as against Rs.389.14 crore (YoY rise of 48 percent).
Under the US accounting practice (US Generally Accepted Accounting Principles or GAAP), the firm's revenues (consolidated) for Q1 of FY09 stood at $637.3 million as against $452.3 million posted in Q1 of FY08 (YoY rise of 40.90 percent).
Operating income also rose (YoY) by 48.72 percent from $90.1 million in Q1 of FY08 to $134 million of Q1 of FY09.
Net income rose (YoY) by 35.98 percent from $93.1 million to $126.6 million during the quarter under review.
Basic earnings per ADS (American Depository Share) for the quarter stood at $0.38 as against $0.28 (YoY rise of 35.71 percent).
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