Satyam Computer Services today lifted some of the gloom surrounding the software services sector, when it posted a quarterly loss but gave a bullish outlook, reducing fears of sliding margins in a maturing industry.
For the quarter ended March 2003, the company posted a net loss of Rs 35.91 crore because of a Rs 152 crore write-off on account of the closure of its US-based subsidiary, VisionCompass, and other investments. The company had reported a Rs 74.4 crore profit in the fourth quarter of 2001-02.
Without the extraordinary item, the fourth quarter net profit was up marginally from Rs 115.15 crore in 2001-02 to Rs 115.79 crore in 2002-03. Total income during the quarter went up 14.7 per cent to Rs 553 crore from Rs 482.55 crore.
Satyam
