Satyam Q2 net up 42% at Rs 581cr

Satyam Computer Services, the country's fourth largest software exporter, reported a net profit of Rs 580.85 crore for the quarter ended September 30, 2008, when compared with Rs 409.09 crore in the corresponding quarter last year, reflecting an increase of 41.98 per cent.

Total income grew 35.31 per cent to Rs 2898.87 crore, as against Rs 2,142.26 crore for the same period a year ago. The company declared an interim dividend of Re 1 per share (50 per cent on par value of Rs 2 per share).

"The revenue growth was on the back of a four per cent volume growth and rupee depreciation against the US $. These drivers, coupled with efficient cost managment, resulted in an EPS of Rs 8.63 for the quarter, against a guidance of Rs 7.78. We believe that these factors will also enhance our annual margin performance," Satyam founder and chairman, B Ramalinga Raju, said in a statement issued to the BSE on Friday.

"The near term environment remains challenging because of the global slowdown and continued instability, notably in the US banking and financial services sector. Consolidation among financial services companies is also contributing to uncertainty, although it is also creating transformational opportunities," he added.