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BANGALORE, JULY 20: Satyam Computer Services Ltd, India's fourth-largest software exporter, reported a 7 per cent rise in quarterly profit on Friday, below forecasts as a stronger rupee hurt margins.
New York-listed Satyam, which specialises in business software, said consolidated net profit for the fiscal quarter ended June rose to 3.78 billion rupees up from 3.54 billion a year earlier.
A Reuters poll had forecast a mean net profit of 3.89 billion rupees for Satyam, whose leading customers include General Electric and Qantas Airways Ltd.
Satyam reported its results after bigger rivals Tata Consultancy Services Ltd and Infosys Technologies Ltd beat expectations. Third-ranked Wipro Ltd had missed forecasts.
Software firms have been winning large outsourcing deals but a stronger rupee, which has risen more than 9.5 per cent against the dollar this year, poses a problem as the companies get about 60 per cent of their revenue from the United States.
Shares in Satyam, based in Hyderabad, fell 0.6 percent in the June quarter, in line with a decline in the sector index, but lagging a 12 percent gain in the main Mumbai index. |