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Satyam nets 87%, in turnover

Satyam Computer Services Ltd, the Hyderabad-based IT firm, has posted Rs 1.9 billion as total income for the financial year 1997-98 as against the previous year's Rs 897.7 million.

Out of the total, income from software exports accounts for Rs 1.78 billion (Rs 892.6 million last year) and domestic sales Rs 369 million (nil last year).

The company's net profit increased by 87 per cent to Rs 390.7 million (Rs

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209.2 million last year) and earnings per share were Rs 15.02 as against Rs 8.52 last year.

The board of directors, while putting out the financial statement for the year ending March 31, has recommended a dividend of Rs 2 per share.

During the year, the company divested its stake in Dun & Bradstreet Satyam Software Pvt Ltd as per the terms of the joint venture agreement.

Rs 122.8 million was realised through this transaction as against the original investment of Rs 9.6 million. This income was shown as other income in the results.

The company has presented its accounts in substantial compliance with US GAAP requirements. To provide additional information to shareholders and investors, the company has begun efforts to value its human resources and brand value, to be provided in the annual report.

During the current year, the total income and profit before tax have increased by an estimated amount of Rs 31.9 million and Rs 28.2 million respectively due to the depreciation of the rupee.

Due to faster technological obsolescence of assets in the software industry, the company has decided to change its policy of providing depreciation. As a result, the provision for depreciation for the current year is higher by Rs 113.6 million.

-Compiled from the Indian media

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