Hans: Here is the details on Satyam Computers Q2 results.
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satyam.com
Satyam Q2 net rockets 64%
Our Hyderabad Bureau (Economic Times)
12 OCTOBER
SATYAM Computer Services Ltd has posted a profit of Rs 30.74 crore (US$ 6.83 million), with total revenues at Rs 157.52 crore (US$ 35.05 million), for the second quarter ended September 1999. The board of directors has declared an interim dividend of 15 per cent pro rata and December 1, 1999 has been fixed as the record date for payment of the same.
The earnings per share on an annualised basis stood at Rs 23.94. Net profit was 63.68 per cent higher in Q2 compared to Q2 last year, according to the company's press release. During the period, the formalities relating to the amalgamation of the three subsidiary companies were completed.
Hence the results for Q2 and the first half ended September 30, 1999 are for the consolidated entity, the release said.
Revenues for the first half of the current financial year are at Rs 294.33 crore, representing an increase of 62.49 per cent over the same period last year. Net profit increased by 64.91 per cent to Rs 56.58 crore.
Satyam has managed to bring down the Y2K business from 18.9 per cent to 5.11 per cent and at the same time increased e-business from six per cent to 15 per cent during Q2 this year. "Our growing inroads into the Internet and e-commerce businesses have contributed positively to our performance and will continue to do so in future," Mr Ramalinga Raju, chairman, Satyam Computer Services, said in the release.
Mr Raju further said that the offsite and local development centres in USA are helping Satyam to move rapidly to the new e-business opportunity. "Over 50 per cent of projects handled by the four US development centres at present are Internet-related," he said.
During Q2, Y2K business accounted for 25 per cent of Satyam's revenues. This was followed by e-commerce and Internet applications with 15.49 per cent, ERP 8.39 per cent and engineering services 8.15 per cent with the balance coming from open systems and related technologies.
The telecom business at present accounts for eight per cent of the company's revenues. The company's telecom group has bagged a major systems integration contract to the tune of US$ 2.50 million for implementation of billing and customer care solutions for GSM cellular operator in Myanmar.
The press release further said that Satyam Infoway has filed a registration statement with US Securities and Exchange Commission relating to its proposed offer of 41,75,000 American Depository Shares (ADS). Each ADS represents one equity share.
The net proceeds to be received from the issue will be used to fund network infrastructure expansion and enhancements. Infoway has also applied for listing on Nasdaq stock exchange. The offer is being lead managed by Merril Lynch & Co. |
