The fourth largest Indian IT software services company, Satyam Computer Services, will maintain its guidance for the coming quarter and the fiscal year ending this march, despite a weaker rupee, said a senior official.
With the rupee falling to 43.21 against the US dollar last week, a lot of hope was generated amongst export driven software services companies. However, Vadlamani Srinivas, chief financial officer, Satyam Computer Services, said, ?The rupee has depreciated almost 8% in the last eight months and it may or may not come back to 40. It is a wait-and-watch period for us and we will maintain our guidance for the fiscal 2009.?
The company had reported revenues of Rs 8,473.49 crore for the year ended on March 31, 2008, a growth of 30.7% over fiscal 2007 and Rs 2,416.02 crore, for the quarter ended March 31, 2008; a year-on-year increase of 35.8%. The guidance by the company for the fiscal year 2009, under Indian GAAP (consolidated) is between Rs 10,500 crore and Rs 10,670 crore, implying a growth rate of 23.9 % and 25.9 % over fiscal 2008, which is slower than the 30.7 % growth seen last year but higher than a 22-24% expected by some analysts.
About 61% of the company?s revenues came from the US for the fourth quarter ended March 31, 2008. Srinivas adds, ?We have reduced our dependence on the US as well as on the big customers and we will continue to diversify, which is our de-risk business model.?
Satyam?s shares closed at Rs 483.10, up 0.25% on the Bombay Stock Exchange, on Monday.
