Satyam revenues crack $US2bn

Satyam revenues crack $US2bn

Global outsourcing company doubles revenue in two years

Global outsourcing provider, Satyam Computer Services, has reported record revenues of just over $2bn for the fiscal year 2008.

The company chalked up 46.3 per cent revenue growth over the fiscal year to March 31, taking total revenues to $US2.13bn. According to a company statement, it has doubled revenues in the past two years. Net income over the year also increased by 39.7 per cent to $US417m, while pre-tax earnings were up 19.2 per cent.

In a statement, Satyam chairman and founder, B. Ramalinga Raju, said it was proud of its FY2008 performance which reflected the company's ability to deliver end-to-end solutions. Key global achievements included adding 32 customers to its book, including four Fortune 500 clients.

"Our growth was excellent, and we expanded our services, industry capabilities and regional presence," he said. "Because of the economic challenges in major markets, we are increasing our focus on ways the organisation can sustain continued growth. Diversification, with regard to industry, region and service, is one way to maintain success. However, we will also establish deeper and more valuable partnerships with our customers in FY09. This approach enables new kinds of business transformation."

Satyam is forecasting FY09 revenues will sit between $US2.65bn and $US2.69bn, representing growth of 24-26 per cent year-on-year.

Earlier this month, Satyam established a 25-acre Australian technology and learning centre in Geelong, Victoria. The facility is designed to meet the needs of Fortune 500 customers and is expected to house 2000 employees over the next two years.

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