New Delhi: India's fourth largest software exporter, Satyam Computers, has beaten market expectations with its third quarters numbers.
The company’s profits grew by over 13 per cent on a quarter on quarter on basis.
Profit grew by 14% at Rs 270 crore while the total revenue grew by 9.5% at Rs 1,265 crore.
The company registered a total Volume growth of 5.5%, while billing rates were up by 0.16%.
Satyam has reported an employee attrition rate of 18%. Satyam also added added 35 new clients during this period.
Talking to CNN-IBN, Satyam's Founder Chairman Rama Linga Raju scotched rumours over IBM buying into Satyam stakes.
"Never in the past, directly or indirectly, have we indulged in any dialogue with any large systems globally nor do we intend to in the near future because we don't expect this will be any value addition to our stake holders," he said.
"We are better off creating greater shareholder value by being on our own and exploring various opportunities for growth globally," Raju added.
Asked if any foreign players approached Satyam or made any overtures to this effect for integration, he categorically said Satyam was had never been open to any such idea.
The company said the net profit figure did not include an exceptional gain of Rs 160 crore made when Satyam sold its holding in Internet service provider Sify Ltd.
Including the exceptional gain, third quarter net profit totalled Rs 429 crore, up 161 per cent from Rs 164 crore in the same year-earlier period, a company official said.
The company said it was benefiting as more global companies have been locked in for multi-year contracts.
"A key aspect of the offfshoring trend has been the increasing acceptance of Indian vendors in large multi-year and multi-million dollar contracts," Raju said in the statement.
"Such deals require significant investments in terms of resources and domain competence. Satyam is actively participating in a number of such deals and is strongly positioned to capitalise on this trend," he said.
(With AFP inputs)
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