Good cheer in most quarters

QUARTERLY RESULT ANALYSIS: September 2004

Operating profit220.80198.8311.04 OPM (%)26.0325.78

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Net profit188.79173.488.82 NPM (%)22.2622.49

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EPS (Rs)5.955.48

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Trailing 12-month P/E18.07
 Satyam said its Q3 margins would fall 200-250 basis points because of the 18-20 per cent offshore salary hike which is effective October 1, 2004. Even other income is expected to be lower because of a drop in interest income and likely losses on forward cover in the rupee-dollar market.  As a result, earnings in the December quarter are expected to fall by about 8 per cent sequentially. In the six months till September, Satyam