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Sonata Software Q3 net up 101%

BANGALORE: Sonata Software has announced an increase of 101 per cent in profit after tax to Rs 6.22 crore during the third quarter (Q3) ended December 31, '99 on a 47 per cent increase in total income to Rs 42.60 crore over the corresponding period last year.

"The company has continued its strong growth during the quarter, as a result of its multi-pronged strategy of concentrating on e-commerce offerings, while continuing to capitalise on its strong domestic business," said Sonata managing director and president B. Ramaswamy. Operating margins have increased by 64 per cent over the corresponding quarter of the previous financial year with profit margins growing to 15 per cent against 11 per cent.

BFL Software incurs loss in Q3

BANGALORE: BFL Software has reported a loss of Rs 2.79 crore in Q3 ended December 31 on total income of Rs 30.3 crore against a net profit of Rs 6.27 crore and total income of Rs 24.92 crore in the same period last year.

The operating profit in Q3 was Rs 96.24 lakh from Rs 7.86 crore last year, while depreciation amounted to Rs 3.55 crore as against Rs 1.38 crore in the corresponding period last year. At the board meeting held on Tuesday, BFL decided to revise the estimates of useful life of buildings from 25 years to 10 years, computer equipment from three to two years and vehicles from four to three years, with effect from April '99. 

Satyam Computer records 62% jump in revenues

BANGALORE: Satyam Computer Services Ltd. (SCS) has registered total revenues of Rs 177.88 crore for the quarter ended December 31, 1999 as against Rs 109.58 crore last year. SCS also recorded a net profit after tax of Rs 36.19 crore from Rs 20.63 crore for the same period last year.

The Q3 revenues are 62.33 per cent higher while the net profit recorded a 75.45 per cent increase. The Board of Directors of the company have approved the Q3 results of the consolidated entity. The cumulative revenues for the nine months of the current financial year stood at Rs 472.21 crore, indicating an increase of 62.43 per cent as against Rs 290.72 crore last year. The net profit after tax increased by 68.88 per cent to Rs 92.77 crore from Rs 54.93 crore.

Due to the continued accelerated depreciation policy adopted since 1997-98, the company made higher provision for the current quarter of Rs 6.93 crore as against Rs 5.76 crore for the corresponding quarter of last year of Satyam Computer alone. This is higher in comparison to the provisioning as per the Companies Act, 1956. The company managing director Rama Raju said, "The third quarter threw up a lot of exciting challenges and opportunities. Our ability to quickly adapt to changing market needs helped us in gaining major success in the e-commerce and Internet-related areas. The successful listing of Satyam Infoway at Nasdaq re-affirmed the faith investors have in our organization."

The Internet and e-commerce projects are quickly replacing Y2K and legacy business in the revenue mix. Y2K was less than one per cent in the past quarter while legacy projects had dropped to 13 per cent. E-commerce projects accounted for 21.3 per cent and competency based businesses accounted for 13 per cent, ERP 12 per cent and telecom 11.8 per cent. North America with 79.4 per cent continues to contribute the bulk of revenue followed by Europe at 7.2 per cent. Fixed bid projects have marginally increased to 36 per cent of revenue. During the quarter, the turnover of Satyam Infoway increased by 726 per cent to Rs 18.06 crore as against Rs 2.19 crore during the same quarter last year.