Satyam net up in Q3

Satyam Computer Services increased its net profit by 142 per cent in the third quarter ended December 31, 2000 to Rs. 87.51 crores from Rs. 36.19 crores.

The turnover has risen by 87 per cent to Rs. 332.78 crores from Rs. 177.88 crores in the corresponding quarter last year. Other income of Rs. 5.22 crores for the quarter ended December included an amount of Rs. 4.93 crores from realised and unrealised gains due to foreign currency fluctuation.

Net earnings work out to Rs. 12.44 per share (face value of Rs. 2).

Offshore business constituted 57.6 per cent against 47.6 per cent during the same quarter last year. North America continued to provide the bulk of the revenue. During the third quarter 23 new customers were added.

Revenues for the nine months of the current financial year were Rs. 857.43 crores against Rs. 472.21 crores and the net profit Rs. 204.82 crores (Rs. 92.77 crores).

The key feature of the last quarter's performance has been the higher value added projects executed for global clients.

Apart from the increase in business this has also translated into better price realisation according to Mr. B. Ramalinga Raju, Chairman of the company.

The company has carried out an enterprise-wide exercise with the help of McKinsey & Co. to refocus business units.

Sterlite Optical

Sterlite Optical Technologies has recorded a 101 per cent increase in its net profit in the second quarter ended December 31, 2000 at Rs. 89.46 crores against Rs. 44.52 crores in the corresponding period last year.

Sales grew by 40.48 per cent at Rs. 322.22 crores against Rs. 229.36 crores in the corresponding quarter of the previous year. Exports aggregating Rs. 123 crores represented 61 per cent of total optical fibre and cable sales of Rs. 200.30 crores.

For the half year ended December 31, the net profit was higher at Rs. 146.61 crores against Rs. 72.72 crores, net sales at Rs. 526.77 crores against Rs. 360.81 crores and exports at Rs. 189.95 crores against Rs. 2.09 crores.

Calsoft

The Chennai based California Software has reported a net profit of Rs. 1.16 crores in the third quarter ended December 31, 2000 against Rs. 53.19 lakhs. The turnover has gone up to Rs. 9.54 crores from Rs. 3.72 crores. For the nine months ended December 31, the net profit was Rs. 3.49 crores on a turnover of Rs. 25.15 crores as compared to the net profit of Rs. 96.51 lakhs and Rs. 9.68 crores respectively in the corresponding period.

The company has three software development centres in Chennai, two in the U.S. and one in the U.K. Recently it has launched its B2B trading product `Ebiz Market Server' in India.

Global Trust Bank

Global Trust Bank has reported impressive results for the nine months ended December 31, with a 40.59 per cent increase in net profit at Rs. 103 crores, despite provisioning of Rs. 53 crores. The profit after tax for the corresponding period of the previous year was Rs. 73 crores.

Deposits grew to Rs. 7433 crores from Rs.5155 crores, a growth of 44.20 per cent, and advances by 39.93 per cent to Rs. 3,612 crores (Rs. 2,582 crores). The total income of Rs. 761 crores registered a growth of 34 per cent.

Aztec Software

The Bangalore based Aztec Software and Technology Services, engaged in providing software solutions to the net centric economy, has put up an impressive performance in the third quarter of this fiscal. For the quarter ended December 31, 2000, the company posted a turnover of Rs. 23.13 crores and a net profit of Rs. 5.54 crores. This compares with a turnover of Rs.3.55 crores and net profit of Rs.1.28 crores posted in the same quarter last year.

Aztec Software recently concluded the IPO of its equity shares, pricing each share at Rs. 80.

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