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Satyam Computer – Results Analysis

July 18, 2008

Satyam Computer Services has posted a profit after taxation of Rs 575.91 crore for the June 2008 quarter as against Rs 389.14 crore during the year-ago period.

The company’s total income has moved up from Rs 1,820.93 crore for the June 2007 quarter to Rs 2,556.52 crore for the June 2008 quarter.

Nipuna lost animation business ($8m – as per management) and some voice-based BPO business. Management indicated that this was unexpected, but it was more a quarterly aberration and they expected this to recover going forward.

Satyam guided to ~3.5-4.5% $-term revenue growth in 2Q – which is decent given the environment. FY09 guidance remained unchanged at 24-26% revenue growth yoy ($ terms). EPS guidance was revised upwards by ~8% to Rs.31.8-32.3 (32- 34% growth yoy) – due primarily to INR depreciation. Satyam expects to post an EPS of Rs 32.35 for FY09.

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