Satyam posts Rs 36cr loss

Satyam Computer Services, India’s fourth largest software services exporter, has reported an unexpected loss for January-March, after a...

Satyam Computer Services, India’s fourth largest software services exporter, has reported an unexpected loss for January-March, after a Rs 126 crore write-off of its investment in a subsidiary, creating more jitters in the technology sector and the stock markets.

The firm posted a net loss of Rs 35.916 crore in the fiscal fourth quarter ended March 2003 compared with a profit of Rs 74.401 crore a year earlier. The exceptional expense of Rs 152 crore included 126 crore for the loss in value of an investment in Vision Compass Inc, whose operations Satyam has decided to discontinue. Satyam had an exceptional expense of Rs 40.753 crore in the same quarter a year earlier.

The total income in the quarter rose 14.5 per cent to Rs 553 crore from Rs 483 crore a year earlier. ‘‘The write-off is a complete surprise. The management should have at least given some indications,’’ a dealer said.

The net profit for the full financial year ended March 2003 dipped to Rs 459.88 crore from Rs 490.12 crore last fiscal. The total income touched Rs 2,051.50 crore during the financial year reflecting a 13.78 per cent increase over last year’s Rs 1,803.09 crore. The income from software exports during the year stood at Rs 2,003.29 crore compared to Rs 1,703.07 crore last year. ‘‘The net profit is below my expectation while revenues have matched. This indicates that the pressure on margins has been much greater than expected.’’

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