satyam q2 results Net up by 42%

Satyam Q2 net up 42% at Rs 581cr reports BS
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.
"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.