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Satyam Posts 28 Percent Year-over-Year Revenue Growth in Second Quarter Despite Slowdown in Key Markets
Date:10/17/2008

HYDERABAD, India, Oct. 17 /PRNewswire-FirstCall/ -- Satyam Computer Services Ltd. (NYSE: SAY), a leading global consulting and information technology services company, today reported US GAAP results for its second quarter, which ended September 30, 2008.

Financial highlights

Despite a challenging market that impacted several key industries and regions, Satyam posted strong growth figures, and exceeded its guidance in the second quarter. Revenue was US$652.2 million, an increase of 28 percent year over year, and 2.3 percent sequentially. Net income was US$132.3 million, an increase of 29.8 percent year over year and 4.5 percent sequentially. In addition, basic earnings per ADS for the quarter was US$0.39, an increase of 25.8 percent year over year and 2.6 percent sequentially. Further, operating margin (earnings before interest and taxes) for the quarter was 20.3 percent.

"The second quarter was challenging in many respects, as problems in the US financial industry affected other regions and sectors," said Satyam Chairman and Founder B. Ramalinga Raju. "Despite this background, a heightened focus on operational efficiency, a comprehensive services portfolio and an ability to provide true transformation have enabled Satyam to excel."

Other highlights

The parent company ended the quarter with 48,434 Associates, an addition of 1,814 professionals, including 221 trainees. The total number of employees including subsidiaries and joint ventures is 52,865. Attrition, on a trailing 12-month basis, fell to 12.3 percent from 12.6 percent in Q1. Annualized attrition for the quarter stood at 12.7 percent, one of the lowest in the industry. In addition, Satyam added 33 new customers in the quarter.

Business Outl
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SOURCE Satyam Computer Services Ltd.
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