Satyam Computer to maintain growth despite global crisis

November 11th, 2008 - 6:55 pm ICT by IANS  

Kolkata, Nov 11 (IANS) Information technology (IT) major Satyam Computer Services Ltd will maintain 21 percent growth in dollar terms this year despite the current global economic crisis, a top company official said here Tuesday.”We had our earnings call for the year few weeks back and we are guided for 21 percent growth in dollar terms and 34-35 percent in rupee terms. So the situation for us has not changed,” Satyam’s founder and chairman B. Ramalinga Raju told reporters.

He was speaking on the sidelines of a chief executive officers’ summit organised by industry lobby National Association of Software and Services Companies (Nasscom).

The company will maintain flat price environment for the year and on an average there will be no reduction in price, he said.

“Our guidelines are not limited to BFSI (Banking, Financial Services and Insurance) only, it takes into account what we expect from other sectors as well,” Raju said.

He further added: “Dependence of Satyam in BFSI in relative terms is low. Banking and financial services together contribute around 15 percent of our revenues.”

According to Raju, the company guidelines of Satyam fits in well with current economic scenario and it will not affect the company.

Satyam has slashed recruitment in the current fiscal by 4,000-5,000 and kept the target at 10,000 from the 14,000-15,000 earlier, he said.

Re-iterating the company’s commitment towards West Bengal and in setting up an IT special economic zone (SEZ) in the state, Raju said: “We are negotiating with the West Bengal government for an additional piece of land.”

As per norms, a company needs a minimum land area of 25 acres to establish an IT SEZ. Satyam already owns a piece of land in the IT hub of the city, Salt Lake.

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