Satyam Computer Services Ltd said on Monday its October-December 2001 net profit rose 36.5 per cent as against the previous year, but fell 11 per cent from the preceding quarter, performing better than market expectations.
Satyam, India's fourth-largest software exporter, said before market hours, its net profit rose to Rs 1.19 billion compared to Rs 875.09 million a year ago.
Revenue rose to Rs 4.46 billion from Rs 3.33 billion. Satyam also said other income nearly doubled to Rs 102.38 million, over a year earlier.
A Reuters poll released earlier this month forecast third-quarter net profit at Rs 1.1 billion, down more than 17 per cent from July-September 2001, but up 27 per cent from a year ago, and net sales at Rs 4.3 billion.
Satyam had warned in October that tough US market conditions would result in lower earnings compared to the July-September 2001 quarter.
Satyam's shares which closed at Rs 273.95 on Friday, have risen 16 per cent since January 1, but are down 17 per cent from this year's high two weeks ago. Bureau Report