Satyam FY05 net soars 39%

 Satyam Computer Services' consolidated net profit under Indian GAAP has surged 39% to Rs 711.64 crore for the year ended March 31, 2005 as compared to Rs 513.38 crore for the year ended March 31, 2004. Total income has increased 37% from Rs 2635.56 crore in FY-04 to Rs 3607.68 crore for the year ended March 31, 2005.

 According to a release issued by Satyam to the BSE, the company has reported a 51% increase in net profit to Rs 213.20 crore for the quarter ended March 31, 2005 as compared to Rs 140.84 crore in the same period last fiscal. Total income has moved up 35% from Rs 725.70 crore in Q4-04 to Rs 978.63 crore for the quarter ended March 31, 2005.  For the year ended March 31, 2005, the company has posted a net profit of Rs 750.26 crore - an increase of 35% over the last years Rs 555.79 crore. Total income has moved up 35% from Rs 2623.27 crore in FY-04 to Rs 3546.77 crore for the year ended March 31, 2005.  The board, suject to shareholders approval, has recommended a final dividend of 150% (Rs 3 per share on par value of Rs 2/share) for FY05, taking the total recommended dividend for the year to 250%.  The board has also given its nod for the proposed 100% acquisition of UK-based Citisoft for a total consideration of 20.5 million pound in all cash deal. While the company is planning to buy 75% of Citisoft in the initial period, the balance 25% will be acquired in two equal installments.  The company said that it has filed a registration statement with SEC for its sponsored ADS of 30 crore equity shares representing 15 crore ADSs.  The staff strenth as on March 31, 2005 was at 19,164 associates as against 17,665 on December 31, 2004 - an increase of 1,499 employees. The number of technical employees strength jumped from 16,496 associates to 17,859 as on March 31, 2005, the release further added.