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India's Satyam Computer full-year profit jumps 39 percent
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  • HYDERABAD, India (AFP) Apr 21, 2005
    India's fourth largest software exporter, Satyam Computer Services, said Thursday its full-year net profit jumped 39 percent as it won more customers.

    Full-year net profit rose to 7.12 billion rupees (165 million dollars) while revenues were up 37 percent to 36 billion rupees for the year ended March 31.

    For the fourth quarter to March, net profit rose 53 percent to 2.06 billion rupees, in line with analyst expectations of 2.0 billion rupees. Sales increased 39 percent to 10.1 billion rupees.

    The company's shares closed up 19.10 rupees or 5.06 percent to 396.50 in afternoon trade on the results. The benchmark Bombay Stock Exchange Sensex index closed up 55.46 points or 0.89 percent to 6,299.20.

    That bucked a trend that saw shares fall after results from India's two largest software firms, Infosys Technologies and Tata Consultancy Services.

    Investors have been cautious on the sector since IBM last week said sales missed first quarter targets while Bangalore-based Infosys and Bombay-based Tata Consultancy forecast profit growth in the current financial year below analyst expectations.

    India's third largest software company, Wipro, reports results Friday.

    Satyam said it added 28 new clients in the fourth quarter and expects sales to rise 26-28 percent in the year to March 2006.

    It said it now has 20,633 workers after hiring 1,499 in the fourth quarter.

    Satyam development centers in India, the United States, Europe, Japan and Singapore serve more than 300 global companies, including 70 Fortune 500 corporations.

    Group chairman Ramalinga Raju said he was hopeful of maintaining growth in the current fiscal year.

    "We hope to cross the one-billion-dollar revenue mark in the current year. Of the 108 clients we added last year, 17 were Fortune 500 companies," he said.

    Satyam said it will acquire Britain's Citisoft, an IT services company, in an all-cash transaction for 20.5 million pounds.

    "This will further accelerate our domain competency and expand our services as well as customer reach," Raju said.




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