Satyam Q109 revenues up on strong Middle East performance

IT and business services company Satyam posts Q1 revenues of $637 million, says strong growth in UAE adding to profits

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By  Mark Sutton Published  July 20, 2008

Indian services provider Satyam has reported revenues of $637.3 million for the first quarter of its FY09, marking a 3.9% growth on the previous quarter, and a 40.9% year-on-year increase.

According to the company, growth in the Middle East region, and the UAE in particular, helped to drive revenues upwards, with Middle East operations growing by 102% in the quarter.

The company signed sixteen high profile customers in the UAE in the past quarter, with strong performance in the government, aviation and banking sector.

Satyam is now predicting revenues of between $2.65 and $2.69 billion for FY09.

B Ramalinga Raju, founder and chairman of Satyam said: "Satyam forged ahead during the first quarter, despite difficult economic environments in key markets. Our focus on transformation initiatives is finding greater acceptance from customers enhancing our ability to garner a higher share of their spend. Against the backdrop of a better margin performance and prevailing FOREX rates, we are revising our guidance for FY'09, and we remain positive and confident about our ability to deliver the stated guidance, notwithstanding the operational environment.

"The past quarter has also witnessed increased business activity in Asia Pacific and Middle East. Further, companies in Europe that were slow to embrace offshoring are showing increasing interest to capitalize on our global delivery model. These regions continue to promise significant growth going forward and we remain committed towards delivering high impact and significant benefits to our customers," Raju added.

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