WHO Welcomes AIDS Medicine
License Satyam's Q3 software income increases to Rs. 522.2
crore Net Profit at Rs.116.7 Crore. Bolero
MENA to offer electronic document authentication for Middle East
businesses
Prof. Krishna Palepu and Mr. Vinod Dham
join Satyam's board of directors
Prof. Raj Reddy and Mr. G V Prasad join Nipuna's Board.
January 23, 2003, Hyderabad: Prof. Krishna
G. Palepu and Mr. Vinod Dham have joined the board of Satyam
Computer Services Ltd. (NYSE:SAY), as additional directors.
Prof. Palepu, an expert in Finance and Accounting,
is the Ross Graham Walker Professor of Business Administration
at the Harvard Business School. He teaches finance, control and
strategy in Harvard's MBA and Executive programs. Prof. Palepu's
research focuses on analyzing firms' business strategies, and
the process through which the effectiveness of these strategies
is communicated to investors. He also serves as consultant to
a wide variety of businesses and is on the boards of several
companies.
As a leader of Intel's Pentium team in the
early 1990s, Mr. Vinod Dham had earned the sobriquet of the "Father
of Pentium." He is currently the CEO of Silicon Spice Inc.,
a US based company engaged in manufacture of communications chips.
Mr. Dham also took an active role in the development of the AMD's
K6 chip based on the Nexgen technology.
The company also announced the stepping down
of Mr. Srini Raju from the Satyam board.
Satyam's BPO subsidiary, Nipuna Services Ltd,
also saw the induction of two distinguished persons on its board.
Prof. Raj Reddy, Herbert A. Simon University Professor of Computer
Science and Robotics, School of Computer Science, Carnegie Mellon
University, and Mr G.V.Prasad, who is the Executive Vice-Chairman
and CEO of the Hyderabad based pharmaceutical company,
Dr. Reddy's Laboratories have joined the board of Nipuna as additional
directors.
Prof. Raj Reddy's research interests include
the study of human-computer interaction and artificial intelligence.
His current research projects include spoken language systems;
invisible computing, gigabit networks; universal digital libraries;
and distance learning on demand. He is a member of the National
Academy of Engineering and the American Academy of Arts and Sciences.
Prof. Reddy was awarded the Legion of Honor by President Mitterand
of France in 1984 and the ACM Turing Award in 1994. He is a member
and Co-Chair of the President Information Technology Advisory
Committee.
Mr. G V Prasad has a Bachelor of Science degree
in Chemical Engineering from Illinois Institute of Technology,
Chicago, USA and an MS in Industrial Administration from Purdue
University, USA.
Commenting on these new appointments, Mr.
B. Ramalinga Raju, Chairman Satyam Computer Services Ltd. said
" We are happy to have Prof. Palepu and Mr. Dham join us
on Satyam's board and Prof. Raj Reddy and Mr. GV Prasad on Nipuna's
board as additional directors. With their rich knowledge and
sound experience in managing the affairs of companies of global
stature, we hope they would add significant value. We welcome
them into the Satyam family. Simultaneously I would like to place
on record our appreciation of the services rendered by Mr. Srini
Raju for Satyam's growth over the years ". (keralamonitor.com)
Satyam's Q3 software income increases to
Rs. 522.2 crore Net Profit at Rs.116.7 Crore.
January 25, 2003, Hyderabad: The audited results of Satyam Computer
Services Limited (Satyam) (NYSE:SAY) for the quarter ended December
31, 2002 (Q3), were approved at the Board meeting held here The
total income for the quarter (under Indian GAAP) at Rs. 521.5
crore (US $ 108.06 million) represented a year-on-year (yoy)
growth of 16.93%. The income from software services at Rs. 522.2
crore, though falling short of the guidance of between Rs.525
- Rs.540 crore, reflected a yoy growth of 19.85% and a sequential
increase of 4.63% over Q2. The forecast for software services
revenue for the full year is revised to be between Rs 2010 crore
to Rs 2020 crore.
EPS at Rs 3.71 was lower than the guidance
of Rs 4 to Rs 4.20. The forecast for the annual EPS now stands
revised at Rs 14.57 to Rs 14.66, inclusive of Rs 0.46 on account
of gain on sale of Satyam's stake in Satyam-GE joint venture.
Pressure on margins, on account of higher marketing and brand
building expenditure, contributed to the fall in EPS numbers.
Explaining the results, Mr B.Ramalinga Raju,
Satyam's Chairman, said: "Some of our expectations relating
to ramp up of revenue from specific customers and the fruition
of a large deal, did not come through. The investments we are
making in high quality people, processes and marketing are bound
to yield good results in the coming quarters. The offshore thrust
by global companies continues to be high, presenting opportunities
for long-term sustainable partnership growth."
Satyam has added 24 new customers during the
quarter. Six of these were from the Fortune 500 list. The company
now has 76 Fortune 500 clients compared to 57 in the same quarter
of the previous year. Employee strength went up by a gross of
700 and a net of 351 during the quarter.
Satyam's competencies and assignments continued
to earn international laurels. The delivery of a high-level decision
support system to a global conglomerate won Satyam the Best Practices
Award from the Data Warehousing Institute. The Giga Research
Group branded Satyam as a top choice for companies looking for
SAP support.
Financial Highlights
Indian GAAP
The audited results of Satyam Computer Services Ltd. (Satyam)
for the quarter ended December 31, 2002 (Q3) were approved in
the Board meeting held on January 23, 2003.
For Q3, Satyam announced a total income of
Rs.521.5 crore (US$ 108.06 million) and a net profit of Rs.116.74
crore (US$ 24.19 million). The EPS for the quarter was Rs.3.71
on par value of Rs.2 per share inclusive of Rs.0.25 loss on account
of rupee appreciation against the US$. For the nine-month period
ended December 30, 2002, Satyam recorded a total income of Rs.1498.03
crore (US$ 308.17 million) and a net profit of Rs.343.34 crore
(US$ 70.63 million).
