Satyam’s revenue grows by 46 per cent to reach USD 2.1 billion in FY ‘08

Satyam’s revenue grows by 46 per cent to reach USD 2.1 billion in FY ‘08
 
Stronger regional presence drives the company’s global performance
 
Satyam Computer Services Ltd. (NYSE:SAY), a leading business and information technology services provider, announced that it has closed fiscal year 2008 with an impressive 46 per cent growth in global revenues, which has reached USD 2.1 billion. Company officials have revealed that the company’s stronger presence in the rapidly growing regional market is one of the primary drivers of this growth, which they expect to spill over the following year as they gear up to achieve a 26 per cent rise for the entire FY’09. The company’s aggressive strategy is focused on achieving its goal for the next quarter, as it eyes a 3 to 3.5 per cent growth to secure USD 631.7 to USD 634.8 million in revenues for Q1 FY ’09.
 
A review of the previous quarter has revealed that Satyam has achieved USD 613 million in revenues, 9 per cent more than the preceding quarter and up by 49.1 per cent compared to earnings from the same period in the previous fiscal year. In addition, the company’s net income in Q4 FY ’08 has also seen a 30.1 per cent year-on-year growth to reach USD 112 million, which is 2.4 per cent over than Q3. The quarter has also ushered in 32 additional customers, which included four companies from the distinguished Fortune 500 list. Moreover, the company also inducted a total of 1,122 associates, including 679 trainees to the organisation, taking the number of associates, subsidiaries and joint ventures to 51,127 across 60 countries.
 
“We are proud of our exceptional performance in FY08; our growth was excellent, and we expanded our services, industry capabilities, and regional presence. This progress reflects the pride we take in our uncommon ideas and insights, and in our ability to apply them to implement solutions with speed and efficiency,” said Satyam Chairman and Founder B. Ramalinga Raju. “As a result, we are able to deliver end-to-end solutions, win more and larger engagements, and transform our clients’ businesses.”
 
To cap off the highly successful quarter, Forrester Research, an independent research organisation, has named Satyam among the world’s leaders in Oracle implementation capabilities in its report “The Forrester WaveTM: Oracle Implementation Providers, Q1, 2008 (March 2008)”. The company has been recognised due to its highly successful Oracle implementations across the globe, especially in the Middle East, which included a project involving Oracle Financials to Business Intelligence and Balance Scorecard for Salam International Investment Limited (SIIL) in Qatar. Furthermore, the leading IT services company has also bagged two prestigious Shared Services Excellence awards from the International Quality and Productivity Council in the “Best Business Process Outsource Provider” and “Best Customer Service Delivery Framework” categories.
 
“It took us 14 years to reach the USD 1 billion mark, and to be able to touch USD 2 billion after merely two years is indeed a tremendous feat. It also brings us much pride that we have been a part of some of our clients’ ascent, after it has been reported that two of our customers have achieved run rates of USD 100 million. It is developments like these that motivate us to increase our focus on ways the organization can sustain continued growth. This year, our aim is to establish deeper and more valuable partnerships with our customers, which will attract a new wave of business opportunities for us,” concluded Raju.
 
Satyam maintains a strong presence in the MENA region, with over 200 full lifecycle implementations and a team of over 150 associates, offering highly matured processes across business consulting, ERP deployment, software development and support to the retail, manufacturing and distribution, telecom, oil and gas, banking and finance, government and airlines sectors. The company has geared up to take a ‘globalize while localizing’ approach in its operations with aims to consolidate its position in the region through a distributed workforce strategy, which has paved the way for the recent launch of its Global Development Centre in Smart Village, Egypt.