Results season throws up a lot of fun. I can’t stop laughing.
Satyam too joined the list of IT majors battered by the rising rupee. The INR surged by nearly 7% against the USD in Q1-08 with every 1% rise shaving off 30 basis points(0.3%) operating margins. Aiming to join the $2 billion league this fiscal, Satyam suffered a sequential slip of 3.88% in net profit for the Q1 ended June 30 to touch INR 3.78 billion ($93.4 m).
Here are some carpings.
Addressing the media, Satyam CFO V Srinivas said, “In dollar terms, we have grown by 10% and rupee terms, the growth is 3%. The 7% difference represents the rupee impact. Revenue would have been higher by Rs 138 crore if the rupee impact was not there.”
Satyam too joined the list of IT majors battered by the rising rupee. The INR surged by nearly 7% against the USD in Q1-08 with every 1% rise shaving off 30 basis points(0.3%) operating margins. Aiming to join the $2 billion league this fiscal, Satyam suffered a sequential slip of 3.88% in net profit for the Q1 ended June 30 to touch INR 3.78 billion ($93.4 m).
Here are some carpings.
Addressing the media, Satyam CFO V Srinivas said, “In dollar terms, we have grown by 10% and rupee terms, the growth is 3%. The 7% difference represents the rupee impact. Revenue would have been higher by Rs 138 crore if the rupee impact was not there.”
Last year when Rupee was declining, has he ever said - “we’ve actually lost market share, but our revenues have been propped up by an appreciating $ against Rupee” – Nah....
.
No comments:
Post a Comment