Hyderabad: Performing above market expectations, the IT major Satyam Computer Services Limited has notched up a net profit of Rs 147.58 crore for the quarter ended September 30, up by 20 per cent over corresponding period last fiscal, and upwardly revised the annual revenue growth outlook in view of the 'vibrant global markets'.

The total income at Rs 636.07 crore reflected a jump of 20 per cent compared to Rs 505.05 crore during the corresponding period last year.

The software revenues for the Q2 which stood at Rs 598.49 crore, a 6.94 per cent jump over the previous quarter, were well above the company's forecast of Rs 563 crores to Rs 568 crore while the Earnings Per Share (EPS) during the period increased to Rs 4.25 as against the earlier guidance of Rs 3.81 to Rs 3.86.

"Revival of growth in technology spending seems to be on the cards. This, coupled with increasing adoption of offshore outsourcing by global customers, will ensure high growth opportunities in the coming years," the company Chairman B Ramalinga Raju told a press conference after a meeting of the Board of Directors, which took on record the Q2 and the half-year results.

The total income for the half-year ended September 30, 2003 stood at Rs 1,206.42 crores as against Rs 976.53 crores in the corresponding period last year while the net profit stood at Rs 269.08 crores and Rs 227.35 crores respectively.

"We have exceeded our estimates by considerable margin," Raju said.

PTI