Satyam posted 42% increase in Q2 profits

Satyam Computer Services Ltd.

Satyam Computer reported a 42 per cent jump in quarterly net profit, beating expectations, but cut its full-year revenue guidance in dollar terms. Satyam’s consolidated net profit for the quarter ended Sep 30 rose to Rs 581 crore from Rs 409 crore a year ago.

Commenting on the outlook, Satyam Chairman B. Ramalinga Raju said, “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.”

Satyam shares were trading 0.31 per cent higher at Rs 273.90 after touching a high of Rs 285.

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