Satyam Computer Services Limited

Table of Contents

Table of Contents

Table of Contents

Table of Contents

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KAcfeyBtKqrxw7W1ioogyM2OOo2SW+xhsrz420SVkKOZHpgfdymg6f4r8BlXnYGR 5d2wjmHWhQRPsZwnAxdwpQ== 0001145549-07-000645.txt : 20070427 0001145549-07-000645.hdr.sgml : 20070427 20070427140223 ACCESSION NUMBER: 0001145549-07-000645 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20070427 FILED AS OF DATE: 20070427 DATE AS OF CHANGE: 20070427 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SATYAM COMPUTER SERVICES LTD CENTRAL INDEX KEY: 0001106056 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 000000000 STATE OF INCORPORATION: K7 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15190 FILM NUMBER: 07794876 BUSINESS ADDRESS: STREET 1: 271A ANNA SALAI, TEYNAMPET STREET 2: CHENNAI 600 018 CITY: INDIA STATE: K7 ZIP: 00000 BUSINESS PHONE: 9140784322 MAIL ADDRESS: STREET 1: 271A ANNA SALAI, TEYNAMPET STREET 2: CHENNAI 600 018 CITY: INDIA STATE: K7 ZIP: 00000 6-K 1 u92989e6vk.htm SATYAM COMPUTER SERVICES LIMITED Satyam Computer Services Limited

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the Month of April 2007

Commission File Number 001-15190

SATYAM COMPUTER SERVICES LIMITED

(Exact name of registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English)

Republic of India

(State or other jurisdiction of incorporation or organization)

Satyam Technology Center
Bahadurpally Village
Qutbullapur Mandal
R.R. District — 500855
Hyderabad, Andhra Prades, India
(91) 40-3063 3535
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.


Form 20-F		þ		Form 40-F		o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.


Yes		o		No		þ

If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): Not applicable.

TABLE OF CONTENTS


SIGNATURE
EXHIBIT INDEX
EX-99.1 Press Release of the Company concerning financial results dated April 20, 2007
EX-99.2 Summary of the Financial Results of the Company dated April 20, 2007.
EX-99.3 Investor Link News Update of the Company dated April 20, 2007.
EX-99.4 Unconsolidated/standalone financial statements for the year ended March 31, 2007 under Indian GAAP (audited).
EX-99.5 Consolidated financial statements for the year ended March 32, 2007 under Indian GAAP (audited).

Other Events

1. On April 20, 2007, the Company issued a press release concerning its financial results for the year ended March 31, 2007. A copy of the release is attached hereto as exhibit 99.1 and is incorporated herein by reference. On April 20, 2007, as required by the Indian stock exchanges on which the Company’s shares are listed, the Company published a summary of its financial results for the quarter and year ended March 31, 2007 and filed a copy of this summary with the Indian stock exchanges. A copy of the summary of the financial results for quarter and year ended March 31, 2007 is attached hereto as exhibit 99.2 and is incorporated herein by reference. The summary of financial results filed with the Indian stock exchanges was accompanied by an Investor Link News Update which provided further details on the matters covered in the release. A copy of the Investor Link News Update is attached hereto as exhibit 99.3 and is incorporated herein by reference. A copy of the Company’s unconsolidated/standalone (audited) financial statements prepared under Indian GAAP for the year ended March 31, 2007 is attached hereto as exhibit 99.4 and is incorporated herein by reference. A copy of the Company’s consolidated (audited) financial statements prepared under Indian GAAP for the year ended March 31, 2007 is attached hereto as exhibit 99.5 and is incorporated herein by reference.

FORWARD-LOOKING STATEMENTS MAY PROVE INACCURATE

IN ADDITION TO HISTORICAL INFORMATION, THIS FORM 6-K AND THE EXHIBITS INCLUDED HEREIN CONTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE REFLECTED IN THE FORWARD-LOOKING STATEMENTS. FACTORS THAT MIGHT CAUSE SUCH A DIFFERENCE INCLUDE, BUT ARE NOT LIMITED TO, THOSE DISCUSSED IN THE SECTION ENTITLED “RISK FACTORS” AND ELSEWHERE IN OUR ANNUAL REPORT ON FORM 20-F AND IN OUR PERIODIC REPORTS. YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH REFLECT MANAGEMENT’S ANALYSIS ONLY AS OF THE DATE OF THE EXHIBITS TO THIS FORM 6-K . IN ADDITION, YOU SHOULD CAREFULLY REVIEW THE OTHER INFORMATION IN OUR ANNUAL REPORT AND IN OUR PERIODIC REPORTS AND OTHER DOCUMENTS FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) FROM TIME TO TIME. OUR FILINGS WITH THE SEC ARE AVAILABLE ON ITS WEBSITE, WWW.SEC.GOV.

2. Exhibits


99.1		Press Release of the Company concerning financial results dated April 20, 2007.

99.2		Summary of the Financial Results of the Company dated April 20, 2007.

99.3		Investor Link News Update of the Company dated April 20, 2007.

99.4		Unconsolidated/standalone financial statements for the year ended March 31, 2007 under Indian GAAP (audited).

99.5		Consolidated financial statements for the year ended March 31, 2007 under Indian GAAP (audited).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there under duly authorized.

Date: April 27, 2007


SATYAM COMPUTER SERVICES LIMITED
By:	/s/ G. Jayaraman
Name:		G. Jayaraman
Title:		Sr. Vice President — Corporate Governance & Company Secretary

EXHIBIT INDEX

99.1		Press Release of the Company concerning financial results dated April 20, 2007.

99.2		Summary of the Financial Results of the Company dated April 20, 2007.

99.3		Investor Link News Update of the Company dated April 20, 2007.

99.4		Unconsolidated/standalone financial statements for the year ended March 31, 2007 under Indian GAAP (audited).

99.5		Consolidated financial statements for the year ended March 31, 2007 under Indian GAAP (audited).

EX-99.1 2 u92989exv99w1.htm EX-99.1 PRESS RELEASE OF THE COMPANY CONCERNING FINANCIAL RESULTS DATED APRIL 20, 2007 EX-99.1 Press Release

Exhibit 99.1

Satyam’s Revenue grows 35%, Net
Profit grows 43%

Hyderabad, India, April 20, 2007: Satyam declared its results for the fourth quarter and fiscal year ended 2007, today. Revenue for the year grew by 35%, while profits grew by 43% over fiscal 2006. The other highlights of the performance are as follows:

Business Outlook

	1.		For fiscal 2008, under US GAAP, revenue is expected to be between US$1.87 bn and US$1.9 bn, implying a growth rate of 28.0% to 30.0% over fiscal 2007. Basic earning per ADS for fiscal 2008 is expected to be between US$1.16 and US$1.18, implying a growth rate of 27% — 29% over fiscal 2007.

	2.		Corresponding revenue growth under Indian GAAP consolidated is expected to be between 20.0% and 22.0% [in US$ terms 28% — 30%]. EPS for the full year is expected to be between Rs. 25.32 and Rs. 25.73; a growth of 18.0% — 20.0%.

Consolidated Indian GAAP Highlights

The highlights of the results under Indian GAAP Consolidated basis are:

Q4 FY07

	1.		Revenue was Rs.1,779 crore; a YoY increase of 35.4% and a sequential increase of 7.1%.

	2.		Total income was Rs. 1,850 crore; a YoY increase of 37.8% and a sequential increase of 10.7%.

	3.		Net Profit after Tax was Rs. 394 crore; a YoY increase of 38.3% and a sequential increase of 16.7%.

	4.		EPS was Rs. 5.98; a YoY increase of 36.0% and a sequential increase of 16.2%.

	5.		EBITDA margin for the quarter was 23.1%.

FY 2007

Revenue was Rs. 6,485 crore; a growth of 35.3% over fiscal 2006.

	2.		Total income was Rs. 6,668 crore; a growth of 35.8% over fiscal 2006.

	3.		Net Profit after Tax was Rs. 1,405 crore; a growth of 43.1% over fiscal 2006.

	4.		EPS at 21.45 grew by 40.6% over FY 2006.

	5.		EBITDA for the year was 23.7%; a drop of about 60 bps over fiscal 2006.

Others

	1.		The parent company ended the quarter with 35,670 associates, an addition of 1,265 associates including 600 trainees for Q4 07. The number of associates including those of subsidiaries and joint ventures stood at 39,552.

	2.		Attrition on a trailing twelve months basis fell to 15.7% from 17.6% in Q3. Annualized quarterly attrition stood at 13.21% compared to 21.9% at the beginning of FY 2007.

	3.		35 new customers added in Q4 including 5 Fortune Global 500 and US 500 companies.

Nipuna

For fiscal 2007, Nipuna recorded revenue of US$38.3 mn, a growth of 91% over fiscal 2006 and was EBITDA positive for the year. The revenue guidance for fiscal 2008 is US$61 mn, a growth of 60% over the previous year. As of March 31, 2007, Nipuna had 2,916 associates and an infrastructure to accommodate around 5,000 associates.

“The strong performance in FY 07 is a culmination of strategic initiatives taken by the company on several fronts notably in the areas of relationship management, deepening of competencies and associate delight,” said B. Ramalinga Raju, founder & chairman, Satyam. He also added “We continue to win the confidence of our prominent customers resulting in opportunities of significant size and criticality. Our recent win of a US$200 mn deal from Applied Materials in Q4 based on a managed services model is illustrative of this trend. This has been complemented by our successful execution capabilities resulting in higher growth of such accounts.”

“Offshore billing rates were up by 0.7% and onsite rates increased by 0.6% in this quarter. Based on the contract renegotiations that we had in the last year and the rates at which new customers are coming in we are confident that the positive momentum seen in the billing rates in Q4 will continue in FY 08 also” said Srinivas Vadlamani, chief financial officer, Satyam.

Awards & Recognition

Forrester Research, an independent technology and market research company, in its Forrester Wave analysis of 13 leading Applications Outsourcing (AO) Providers, across 50 criteria, in the North American market, said:

“Satyam is a leading North American Applications Outsourcing Provider. Satyam’s solution strategy is strong, particularly in its vision for next generation architectures.”

•

William Martorelli ,The Forrester Wave™ North American Applications Outsourcing, Q1 2007, March 26, 2007

“Satyam has the largest overall ERP practice and the heaviest commercial focus on packaged enterprise software.”

•

Dana Stiffler, Research Director, AMR Research, “Indian Service Provider’s ERP Practice Grow up”, January 26, 2007

Training Magazine placed Satyam at No.15 in the Top 125 companies for learning, making Satyam the first ever company in Asia to feature in the rankings.

Satyam bagged top honors in two categories in global IR awards. Satyam was ranked “number one in India and among top 5 in the Asia / Pacific region” in the financial disclosure procedures category in the Global IR rankings, instituted by MZ Consult. In the corporate governance category, Satyam was ranked “number one in the Asia / Pacific region”. The ranking system is based on extensive research by several respected companies and investors, and includes input from audit, corporate governance, and legal experts, such as KPMG Independent Auditors, Linklaters and JP Morgan.

Satyam has been accorded the No. 2 position in the Hewitt ‘Best Employers in India’ survey.

Satyam is also featured amongst the Top 12 in the Hewitt ‘Best Employers in Asia’ survey, making it the only IT services company from India in the Top 20 rankings.

New Appointments in Board of Directors

•

Director, Bharti Airtel Limited, will join Satyam’s Board as Additional Directors with immediate effect.

About Satyam

Satyam Computer Services Ltd. (NYSE: SAY) is a global IT consulting and services provider, offering a range of expertise aimed at helping customers re-engineer and re-invent their businesses to compete successfully in an ever-changing market. Nearly 40,000* highly-skilled professionals in Satyam work Onsite, Offsite, Offshore and Nearshore, to provide customized IT solutions for companies in several industry sectors. Satyam’s ideas and products have resulted in technology-intensive transformations that have met the most stringent of international quality standards. Satyam Development Centers in India, the USA, the UK, the UAE, Canada, Hungary, Malaysia, Singapore, China, Japan and Australia serve 558* global companies, of which 163* are Fortune Global 500 and Fortune US 500 corporations. Satyam’s presence spans 55 countries, across six continents.


*		Figures as per quarter ended March 31, 2007

For more information visit: www.satyam.com

Satyam Contacts

For further information, contact: corporate_communications@satyam.com


India		Rajesh, rajesh@perfectrelations.com, +91 40 55316861, +91 98490 42184

US		Ivette Almeida, ialmeida@hfgcg.com 1-646-284-9455 \| +1-201-232-0128

Europe		Priti Thakker, priti_thakker@satyam.com, +1 973 753 1858, +1 973 997 1149

Asia- Pacific		Reshma Wad Jain, reshma@wer1.net, +65 6737 4844, +65 98140507 or Amber Dale, a.dale@polaris-me.com, Jiang Ying, Jiang_Ying@satyam.com, +86 21 5080 7600 extn 4015, +86 13816686084

Safe Harbor

This press release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with our business, please see the discussions under the heading “Risk Factors” in our report on Form 6 — K concerning the quarter

ended December 31, 2006, furnished to the United States Securities Exchange Commission on January 26, 2007 and the other reports filed with the Securities Exchange Commission from time to time. These filings are available at http://www.sec.gov.

Satyam’s Revenue grows 35%, Net Profit grows 43%

Business Outlook

	1.		For fiscal 2008, under US GAAP, revenue is expected to be between US$1.87 bn and US$1.9 bn, implying a growth rate of 28.0% to 30.0% over fiscal 2007. Basic earning per ADS for fiscal 2008 is expected to be between US$1.16 and US$1.18, implying a growth rate of 27% — 29% over fiscal 2007.

	2.		Corresponding revenue growth under Indian GAAP consolidated is expected to be between 20.0% and 22.0% [in US $ terms 28% — 30%]. EPS for the full year is expected to be between Rs. 25.32 and Rs. 25.73; a growth of 18.0% — 20.0%.

US GAAP Highlights

The highlights of the results under US GAAP are:

Q4 FY07

	1.		Software services revenue was US$411 mn; up 36.7 % YoY and 9.5% sequentially.

	2.		Net Income was $86 mn; YoY increase of 38.6% and a sequential increase of 21.4%.

	3.		Basic earning per ADS for the quarter was US$0.26; increase of 36.0% YoY and up 20.8% sequentially.

	4.		Operating margins (EBIT) was 19.7%.

FY 2007

	1.		Revenue was US$1.46 bn; a growth of 33.3%.

	2.		Net Income was US$298 mn; a growth of 39.8%.

	3.		Basic earning per ADS for fiscal 2007 was US$0.91; an increase of 37.4% over fiscal 2006.

Operating margins (EBIT) for the year ended at 19.95% compared to 20.04% for fiscal 2006.

Others

	1.		The parent company ended the quarter with 35,670 associates, an addition of 1,265 associates including 600 trainees for Q4 07. The number of associates including those of subsidiaries and joint ventures stood at 39,552.

	2.		Attrition on a trailing twelve months basis fell to 15.7% from 17.6% in Q3. Annualized quarterly attrition stood at 13.21% compared to 21.9% at the beginning of FY 2007.

	3.		35 new customers were added in Q4 including 5 Fortune Global 500 and US 500 companies.

Nipuna

Awards & Recognition

“Satyam is a leading North American Applications Outsourcing Provider. Satyam’s solution strategy is strong, particularly in its vision for next generation architectures.”

•

William Martorelli ,The Forrester Wave™ North American Applications Outsourcing, Q1 2007, March 26, 2007

“Satyam has the largest overall ERP practice and the heaviest commercial focus on packaged enterprise software.”

•

Dana Stiffler, Research Director, AMR Research, “Indian Service Provider’s ERP Practice Grow up”, January 26, 2007

Training Magazine placed Satyam at No.15 in the Top 125 companies for learning, making Satyam the first ever company in Asia to feature in the rankings.

Satyam has been accorded the No. 2 position in the Hewitt ‘Best Employers in India’ survey.

Satyam is also featured amongst the Top 12 in the Hewitt ‘Best Employers in Asia’ survey, making it the only IT services company from India in the Top 20 rankings.

New Appointments in Board of Directors

•

Mr. T. R. Prasad, ex-Cabinet Secretary, Government of India and Member of the 12^th Finance Commission, and Dr. V. S. Raju, presently Chairman of the Naval Research Board, Defense Research and Development Organization, Government of India and Director, Bharti Airtel Limited, will join Satyam’s Board as Additional Directors with immediate effect.

About Satyam


*		Figures as per quarter ended March 31, 2007

For more information visit: www.satyam.com

Satyam Contacts

For further information, contact: corporate_communications@satyam.com


India		Rajesh, rajesh@perfectrelations.com, +91 40 55316861, +91 98490 42184

US		Ivette Almeida, ialmeida@hfgcg.com 1-646-284-9455 \| +1-201-232-0128

Europe		Priti Thakker, priti_thakker@satyam.com, +1 973 753 1858, +1 973 997 1149

Asia— Pacific		Reshma Wad Jain, reshma@wer1.net, +65 6737 4844, +65 98140507 or Amber Dale, a.dale@polaris-me.com, Jiang Ying, Jiang_Ying@satyam.com, +86 21 5080 7600 extn 4015, +86 13816686084

Safe Harbor

EX-99.2 3 u92989exv99w2.htm EX-99.2 SUMMARY OF THE FINANCIAL RESULTS OF THE COMPANY DATED APRIL 20, 2007. EX-99.2

Exhibit 99.2

Satyam Computer Services Limited
Registered office: Mayfair Centre, I Floor, 1-8-303/36, S.P.Road, Secunderabad — 500 003.

Highlights for Q4 and FY 2007

Business Outlook

	1.		For fiscal 2008, under US GAAP, revenue is expected to be between US$1.87 bn and US$1.9 bn, implying a growth rate of 28.0% to 30.0% over fiscal 2007. Basic earning per ADS for fiscal 2008 is expected to be between US$1.16 and US$1.18, implying a growth rate of 27% - 29% over fiscal 2007.

	2.		Corresponding revenue growth under Indian GAAP consolidated is expected to be between 20.0% and 22.0%. EPS for the full year is expected to be between Rs. 25.32 and Rs. 25.73; a growth of 18.0 — 20.0%.

Consolidated Indian GAAP Highlights

The highlights of the results under Indian GAAP Consolidated basis are:

Q4 FY07:

	1.		Income from software services revenue was Rs.1,779 crore; a YoY increase of 35.4% and a sequential increase of 7.1%.

	2.		Total income was Rs. 1,850 crore; a YoY increase of 37.8% and a sequential increase of 10.7%.

	3.		Net Profit after Tax was Rs. 394 crore; a YoY increase of 38.3% and a sequential increase of 16.7%.

	4.		EPS was Rs. 5.98; a YoY increase of 36.0% and a sequential increase of 16.3%.

	5.		EBITDA margin for the quarter was 23.1%.

FY 2007:

	1.		Income from software services revenue was Rs. 6,485 crore; a growth of 35.3% over fiscal 2006

	2.		Total income was Rs. 6,668 crore; a growth of 35.8% over fiscal 2006

	3.		Net profit after tax was Rs. 1,405 crore; a growth of 43.1% over fiscal 2006

	4.		EPS at 21.45 grew by 40.6% over FY 2006

	5.		EBITDA for the year was 23.7%; a drop of about 60 bps over FY 2006.

US GAAP Highlights

The highlights of the results under US GAAP are:

Q4 FY07:

	1.		Software services revenue was US$411 mn; up 36.7 % YoY and 9.5% sequentially.

	2.		Net Income was $86 mn; YoY increase of 38.6% and a sequential increase of 21.4%.

	3.		Basic earning per ADS for the quarter was US$0.26; increase of 36.0% YoY and up 20.8% sequentially.

	4.		Operating margins (EBIT) was 19.7%.

FY 2007:

	1.		Revenue was US$1.46 bn; a growth of 33.3%.

	2.		Net Income was US$298 mn; a growth of 39.8%.

	3.		Basic earning per ADS for fiscal 2007 was US$0.91; an increase of 37.4% over fiscal 2006.

	4.		Operating margins (EBIT) for the year ended at 19.95% compared to 20.04% for FY 2006.

Others

	1.		The parent company ended the quarter with 35,670 associates, an addition of 1,265 associates including 600 trainees for Q4 07. The number of associates including the subsidiaries and joint ventures stood at 39,552.

	2.		Attrition on a trailing twelve months basis fell to 15.7% from 17.6% in Q3. Annualized quarterly attrition stood at 13.21% compared to 21.9% at the beginning of FY 2007.

Audited financial results for the quarter and year ended March 31, 2007


								Growth over
								quarter						Growth over									Growth over
		Quarter ended March 31,						ended			Quarter ended			quarter ended			Year ended						year ended
								March 31,			December 31,			December			March 31,						March 31,
Sl. No.	Particulars	2007			2006			2006			2006			31, 2006			2007			2006			2006
		Rs. in crores						%			Rs. in crores			%			Rs. in crores						%
1	Income from services
	-Exports		1,637.18			1,207.31			35.61			1,526.04			7.28			5,961.06			4,461.64			33.61
	-Domestic		71.85			52.66			36.44			68.83			4.39			267.41			172.67			54.87
	Total		1,709.03			1,259.97			35.64			1,594.87			7.16			6,228.47			4,634.31			34.40
2	Other income		69.37			27.55			151.80			9.73			612.95			181.61			377.91	*		(51.94	)
3	Total income		1,778.40			1,287.52			38.13			1,604.60			10.83			6,410.08			5,012.22			27.89	¹
4	Personnel expenses		1,036.07			716.43			44.62			929.34			11.48			3,706.04			2,700.67			37.23
5	Operating & administration expenses		265.78			208.00			27.78			256.59			3.58			993.31			740.13			34.21
6	Total expenditure		1,301.85			924.43			40.83			1,185.93			9.77			4,699.35			3,440.80			36.58
7	Profit before interest, depreciation & taxation (PBIDT)		476.55			363.09			31.25			418.67			13.82			1,710.73			1,571.42			8.87
8	PBIDT margin		26.80	%		28.20	%		—			26.09	%		—			26.69	%		31.35	%		—
9	Operating profit (PBIDT without other income)		407.18			335.54			21.35			408.94			(0.43	)		1,529.12			1,193.51			28.12
10	Operating profit margin		23.83	%		26.63	%		—			25.64	%		—			24.55	%		25.75	%		—
11	Financial expenses		4.93			0.58			750.00			1.35			265.19			7.61			2.72			179.78
12	Depreciation		30.46			33.38			(8.75	)		34.32			(11.25	)		129.89			122.81			5.77
13	Profit before taxation [7-(11+12)]		441.16			329.13			34.04			383.00			15.19			1,573.23			1,445.89			8.81	²
14	Provision for taxation		43.66			39.23			11.29			39.70			9.97			150.00			206.14			(27.23	)
15	Profit after taxation (PAT)		397.50			289.90			37.12			343.30			15.79			1,423.23			1,239.75			14.80	³
16	PAT to Total income		22.35	%		22.52	%		—			21.39	%		—			22.20	%		24.73	%		—
17	Paid-up equity share capital (Par value of Rs.2 per share)		133.44			64.89			—			131.42			—			133.44			64.89			—
18	Reserves excluding revaluation reserves		5,648.07			4,268.75			—			5,265.31			—			5,648.07			4,268.75			—
19	EPS — basic (on par value of Rs. 2 per share)**
	- With non-recurring item (profit on sale of shares in Sify Ltd.) (Rs.)		6.04			4.48			34.82			5.24			15.27			21.73			19.26			12.82
	- Without non-recurring item (Rs.)		6.04			4.48			34.82			5.24			15.27			21.73			16.05			35.39
20	EPS -- diluted (on par value of Rs. 2 per share)**
	- With non-recurring item (profit on sale of shares in Sify Ltd.) (Rs.)		5.89			4.30			36.98			5.09			15.72			21.25			18.51			14.80
	- Without non-recurring item (Rs.)		5.89			4.30			36.98			5.09			15.72			21.25			15.44			37.63
21	Dividend per share (On par value of Rs. 2 per share)
	- Interim Dividend (Rs.)		—			—			—			—			—			1.00			2.00			—
	- Final Dividend (Rs.)		2.50			5.00			—			—			—			2.50			5.00			—
22	Aggregate of Public Shareholding
	- No. of Shares		478,313,191			214,288,735			—			467,530,929			—			478,313,191			214,288,735			—
	- Percentage of shareholding		71.69			66.04			—			71.15			—			71.69			66.04			—


*		Includes one time item of profit on sale of shares in Sify Ltd — Rs. 262.83 crores.

**		Adjusted for issue of bonus shares in the ratio of 1:1, allotted on October 11, 2006.

¹34.97%, ²32.98% and ³ 37.70% — excluding one time item of profit on sale of shares in Sify Ltd.


Segment Reporting:		Rs in crores


1	Segment revenue
	Information technology services	1,709.03	1,259.97	35.64		1,594.87	7.16	6,228.47	4,634.31	34.40
	Less: Inter segment revenue	—	—	—		—		—	—	—
	Net Sales / Income from operations	1,709.03	1,259.97	35.64		1,594.87	7.16	6,228.47	4,634.31	34.40
2	Segment profit / (loss) before tax and interest
	Information technology services	376.72	302.16	24.68		374.62	0.56	1,399.23	1,070.70	30.68
	Less : Financial expenses	4.93	0.58	750.00		1.35	265.19	7.61	2.72	179.78
	Add: Other income	69.37	27.55	151.80		9.73	612.95	181.61	377.91	(51.94	)
	Total profit before tax	441.16	329.13	34.04		383.00	15.19	1,573.23	1,445.89	8.81
3	Capital employed
	Information technology services	2,191.35	2,202.75	(0.52	)	1,884.35	16.29	2,191.35	2,202.75	(0.52	)

Notes:


1.		The results for the quarter and year ended March 31, 2007 have been taken on record by the Board of directors at its meeting held today.

2.		A final dividend of 125% (Rs 2.50 per share on par value of Rs. 2 per share) has been recommended at the Board meeting, subject to the approval of the shareholders. The total dividend recommended for the year is 175 % (Rs 3.50 per share on par value of Rs. 2 per share), including interim dividend of 50% (Re.1 per share on par value of Rs. 2 per share). The register of members and share transfer books will remain closed from August 27, 2007 to August 30, 2007 both days inclusive, for the purposes of AGM, to be held on August 30, 2007 and final dividend.

3.		The Board of directors co-opted Mr. T. R. Prasad and Mr. V. S. Raju as additional directors on the Board of the Company with effect from April 20, 2007, to hold office up to the date of next annual general meeting in which their appointment will be placed for the approval of the members of the Company.

4.		The total manpower strength as on March 31, 2007 stood at 35,670 associates as against 34,405 associates as on December 31, 2006 signifying an increase of 1,265 associates. The number of technical associates increased by 1,218 to close the quarter at 33,812 (32,594 associates as on December 31, 2006).

5.		During the quarter ended March 31, 2007, the Company allotted 10,104,336 equity shares of Rs. 2 each, consequent to exercise of stock options by the Associates.

6.		Details of investor complaints for the quarter ended March 31, 2007:


	Pending as on		During the quarter				Pending as on
Nature	01-01-2007		Received		Disposed off		31-03-2007
Dividends related		0		135		135		0
Others		0		4		4		0
Total		0		139		139		0


7.		Figures of the earlier periods, wherever necessary, have been regrouped and rearranged to conform to those of the current period.

Consolidated financial results as per Indian GAAP


									Growth			Quarter			Growth									Growth
			Quarter ended						over quarter			ended			over quarter			Year ended						over year
			March 31,						ended			December 31,			ended			March 31,						ended
Sl.		(unaudited)							March 31,			(unaudited)			December 31,			(audited)						March 31,
No.	Particulars		2007			2006			2006			2006			2006			2007			2006			2006
			Rs. in crores						%			Rs. in crores			%			Rs. in crores						%
1	Income from services
	-Exports			1,701.01			1,247.54			36.35			1,585.20			7.31			6,188.12			4,596.74			34.62
	-Domestic			78.14			66.08			18.25			75.92			2.92			296.96			195.85			51.63
	Total			1,779.15			1,313.62			35.44			1,661.12			7.11			6,485.08			4,792.59			35.31
2	Other income			70.40			28.89			143.68			10.17			592.23			183.28			333.25	*		(45.00	)
3	Total income			1,849.55			1,342.51			37.77			1,671.29			10.67			6,668.36			5,125.84			30.09	¹
4	Personnel expenses			1,076.26			750.04			43.49			967.35			11.26			3,857.93			2,804.70			37.55
5	Cost of software and hardware sold			0.50			0.87			(42.53	)		0.74			(32.43	)		2.27			2.00			13.50
6	Operating & administration expenses			292.17			228.22			28.02			283.04			3.23			1,087.17			819.71			32.63
7	Total expenditure			1,368.93			979.13			39.81			1,251.13			9.42			4,947.37			3,626.41			36.43
8	Profit before interest, depreciation, taxation & miscellaneous expenses written off			480.62			363.38			32.26			420.16			14.39			1,720.99			1,499.43			14.78
9	PBIDT margin			25.99	%		27.07	%		—			25.14	%		—			25.81	%		29.25	%		—
10	Operating profit (PBIDT without other
	income)			410.22			334.49			22.64			409.99			0.06			1,537.71			1,166.18			31.86
11	Operating profit margin			23.06	%		25.46	%		—			24.68	%		—			23.71	%		24.33	%		—
12	Financial expenses			7.42			1.65			349.70			3.23			129.72			15.92			5.54			187.36
13	Depreciation			35.39			37.16			(4.76	)		39.37			(10.11	)		148.44			137.28			8.13
14	Miscellaneous expenditure written off			—			—			—			—			—			—			0.07			—
15	Profit before taxation [8-(12+13+14)]			437.81			324.57			34.89			377.56			15.96			1,556.63			1,356.54			14.75	²
16	Provision for taxation			44.23			39.74			11.30			40.33			9.67			152.01			207.48			(26.74	)
17	Profit after taxation, and before
	share of loss in associate company and
	minority interest			393.58			284.83			38.18			337.23			16.71			1,404.62			1,149.06			22.24	³
18	Share of loss in associate company			—			—			—			—			—			—			(7.88	)		—
19	Minority interest			—			(0.18	)		—			—			—			0.12			0.55			(78.18	)
20	Profit after taxation, and share of
	loss in associate company and minority
	interest			393.58			284.65			38.27			337.23			16.71			1,404.74			1,141.73			23.04	⁴
21	PAT to total income			21.28	%		21.20	%		—			20.18	%		—			21.07	%		22.27	%		—
22	Paid-up equity share capital (Par value of Rs.2 per share)			133.44			64.89			—			131.42			—			133.44			64.89			—
23	Reserves excluding revaluation reserves			5,565.82			4,159.57			—			5,142.83			—			5,565.82			4,159.57			—
24	Preference shares of Rs. 10 each
	issued by Subsidiary Company			45.50			91.01			—			91.01			—			45.50			91.01			—
25	EPS — basic (on par value of Rs. 2
	per share)**
	- With non-recurring item (profit
	on sale of shares in Sify Ltd.)
	(Rs.)			5.98			4.40			35.91			5.14			16.34			21.45			17.73			20.98
	- Without non-recurring item (Rs.)			5.98			4.40			35.91			5.14			16.34			21.45			15.26			40.56
26	EPS — diluted (on par value of Rs. 2
	per share)**
	- With non-recurring item (profit
	on sale of shares in Sify Ltd.)
	(Rs.)			5.83			4.23			37.83			5.00			16.60			20.98			17.05			23.05
	- Without non-recurring item (Rs.)			5.83			4.23			37.83			5.00			16.60			20.98			14.67			43.01
27	Aggregate of Public Shareholding
	- No. of Shares			478,313,191			214,288,735			—			467,530,929			—			478,313,191			214,288,735			—
	- Percentage of shareholding			71.69			66.04			—			71.15			—			71.69			66.04			—


*		Includes one time item of profit on sale of shares in Sify Ltd — Rs. 216.43 crores.

**		Adjusted for issue of bonus shares in the ratio of 1:1, allotted on October 11, 2006.

¹ 35.83%, ²36.53%, ³41.99% and ⁴ 43.06% — excluding one time item of profit on sale of shares in Sify Ltd.

Notes:

The consolidated financial statements of Satyam Computer Services Ltd (Satyam) and its majority owned domestic and foreign subsidiaries are prepared in accordance with Accounting Standard (AS) 21 on consolidated financial statements issued by the Institute of Chartered Accountants of India. All significant intra-group balances and intra-group transactions and resulting unrealized profits have been eliminated. Investment in business entities in which Satyam does not have control, but has the ability to exercise significant influence over operating and financial policies (generally 20%-50% ownership), are accounted for by equity method in accordance with AS 23 on Accounting for Investments in Associates in Consolidated Financial Statements. The financial statements also include the results of our joint ventures consolidated on proportionate consolidation method in accordance with AS 27 on Financial Reporting of Interest in Joint Ventures.

The results of business entities, which have been consolidated, with the results of Satyam, include subsidiaries — Nipuna Services Limited, Satyam Technologies, Inc., Satyam Computer Services (Shanghai) Co. Ltd., Citisoft Plc and its subsidiary ( from May 12, 2005) and Knowledge Dynamics Pte. Ltd. and its subsidiaries (from October 01, 2005) . The results also include the results of our joint ventures Satyam Venture Engineering Services Pvt. Ltd. and CA Satyam ASP Pvt. Ltd., which have been accounted using proportionate consolidation method and our associated company Sify Ltd., (ceased to be an associate from November 09, 2005) which has been accounted for by equity method. Satyam sold its entire 31.61% share holding in Sify Ltd. during the year 2005-06.

Figures of the earlier periods, wherever necessary, have been regrouped and rearranged to conform to those of the current period


		For and on behalf of the Board of Directors

Place: Hyderabad		B. Rama Raju
Date: April 20, 2007		Managing Director

Consolidated financial results as per US GAAP


										Three
								Growth over		months			Growth over		Year			Year			Growth over
		Three months						three		ended			three		ended			ended			year
		ended March 31,						months ended		December 31,			months ended		March 31,			March 31,			ended
Sl.		(unaudited)						March 31,		(unaudited)			December		(unaudited)			(audited)			March 31,
No.	Particulars	2007			2006			2006		2006			31, 2006		2007			2006			2006
		US$ million			US$ million			%		US$ million			%			US$ million		US$ million			%
1	Revenues	$	411.3		$	300.7			36.78	$	375.6			9.50	$	1,461.4		$	1,096.3			33.30
2	Gross profit		147.0			118.2			24.37		138.1			6.44		523.8			407.3			28.60
3	Operating income		81.0			63.6			27.36		77.6			4.38		291.6			219.7			32.73
4	Operating income margin		19.69	%		21.15	%		—		20.66	%		—		19.95	%		20.04	%		—
5	Income / (loss) before taxes,
	minority interest and equity in
	earnings / (losses) of associated
	companies		95.2			69.5			36.98		78.9			20.66		328.2			287.8			14.04
6	Net income	$	86.3		$	62.3			38.52	$	71.1			21.38	$	298.4		$	249.4			19.65	¹
7	EPS — basic (US$)*
	- With non-recurring item (profit on sale of shares in Sify Ltd.) (US$)		0.13			0.10			30.00		0.11			18.18		0.46			0.39			17.95
	- Without non-recurring item (US$)		0.13			0.10			30.00		0.11			18.18		0.46			0.34			35.29
8	EPS — diluted (US$)*
	- With non-recurring item (profit on sale of shares in Sify Ltd.) (US$)		0.13			0.09			44.44		0.11			18.18		0.45			0.38			18.42
	-Without non-recurring item (US$)		0.13			0.09			44.44		0.11			18.18		0.45			0.32			40.63


*		Adjusted for issue of bonus shares in the ratio of 1:1, allotted on October 11, 2006.

¹		39.76% — excluding one time item of profit on sale of shares in Sify Ltd.

Notes:

The consolidated financial statements of Satyam Computer Services Ltd (Satyam) and its majority owned domestic and foreign subsidiaries are prepared in accordance with generally accepted accounting principles applicable in the United States (US GAAP). All significant inter-company balances and transactions have been eliminated.

The results of business entities, which have been consolidated, with the results of Satyam include subsidiaries — Nipuna Services Ltd., Satyam Computer Services (Shanghai) Co. Ltd., Satyam Technologies, Inc., Citisoft Plc and its subsidiary (from May 12, 2005) and Knowledge Dynamics Pte. Ltd. and its subsidiaries (from October 01, 2005). The results also include Satyam Associate Trust and the results of our associated companies Satyam Venture Engineering Services Pvt. Ltd., CA Satyam ASP Pvt. Ltd. and Sify Ltd. (ceased to be an associate from November 09, 2005). Satyam sold its entire 31.61% share holding in Sify Ltd. during the year 2005-06.

Figures of the earlier periods, wherever necessary, have been regrouped and rearranged to conform to those of the current period.

Statement showing reconciliation between net profit as per Indian GAAP and US GAAP consolidated financial statements for the quarter and year ended March 31, 2007 is as follows:

In million US$


											Year ended
Sl.		Three months ended (unaudited)									(unaudited)			Year ended (audited)
No.	Particulars	31-03-2007			31-03-2006			31-12-2006			31-03-2007			31-03-2006
1	Profit as per Indian GAAP
	Consolidated Financial
	Statements	$	89.4		$	64.3		$	75.2		$	311.9		$	257.2
2	Profit / (Loss) of
	subsidiaries and
	associated companies		—			(0.1	)		—			—			(0.2	)
3	Stock-based compensation		(2.0	)		(0.4	)		(2.8	)		(12.0	)		(0.8	)
4	Sale of shares in Sify Ltd.		—			—			—			—			0.6
5	Others, net		(1.1	)		(1.5	)		(1.3	)		(1.5	)		(7.4	)
6	Total adjustments (2 to 5)		(3.1	)		(2.0	)		(4.1	)		(13.5	)		(7.8	)
7	Net income as per US GAAP
	Financial Statements	$	86.3		$	62.3		$	71.1		$	298.4		$	249.4

Safe Harbor:

This release contains forward-looking statements within the meaning of section 27A of Securities Act of 1933, as amended and section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Satyam undertakes no duty to update any forward-looking statements.

For a discussion of the risks associated with our business, please see the discussions under the heading “Risk Factors” in our report on Form 6-K concerning the fiscal quarter ended December 31, 2006 furnished to the United States Securities and Exchange Commission on January 26, 2007 and the other reports filed with the Securities and Exchange Commission from time to time. These filings are available at www.sec.gov.

EX-99.3 4 u92989exv99w3.htm EX-99.3 INVESTOR LINK NEWS UPDATE OF THE COMPANY DATED APRIL 20, 2007. EX-99.3

Exhibit 99.3

Business Outlook

1.		For fiscal 2008, under US GAAP, revenue is expected to be between US$1.87 bn and US$1.9 bn, implying a growth rate of 28.0% to 30.0% over fiscal 2007. Basic earning per ADS for fiscal 2008 is expected to be between US$1.16 and US$1.18, implying a growth rate of 27% — 29% over fiscal 2007.

2.		Corresponding revenue growth under Indian GAAP consolidated is expected to be between 20.0% and 22.0%. EPS for the full year is expected to be between Rs. 25.32 and Rs. 25.73; a growth of 18.0% — 20.0%.

Consolidated Indian GAAP Highlights

The highlights of the results under Indian GAAP Consolidated basis are:

Q4 FY07

1.		Revenue was Rs.1,779 crore; a YoY increase of 35.4% and a sequential increase of 7.1%.

2.		Total income was Rs. 1,850 crore; a YoY increase of 37.8% and a sequential increase of 10.7%.

3.		Net Profit after Tax was Rs. 394 crore; a YoY increase of 38.3% and a sequential increase of 16.7%.

4.		EPS was Rs. 5.98; a YoY increase of 36.0% and a sequential increase of 16.2%.

5.		EBITDA margin for the quarter was 23.1%.

FY 2007

1.		Revenue was Rs. 6,485 crore; a growth of 35.3% over fiscal 2006

2.		Total income was Rs. 6,668 crore; a growth of 35.8% over fiscal 2006

3.		Net Profit after Tax was Rs. 1,405 crore; a growth of 43.1% over fiscal 2006

4.		EPS at 21.45 grew by 40.6% over fiscal 2006

5.		EBITDA for the year was 23.7%; a drop of about 60 bps over fiscal 2006.

US GAAP Highlights

The highlights of the results under US GAAP are:

Q4 FY07

1.		Revenue was US$411 mn; up 36.7 % YoY and 9.5% sequentially.

2.		Net Income was US$86 mn; YoY increase of 38.6% and a sequential increase of 21.4%.

3.		Basic earning per ADS for the quarter was US$0.26; increase of 36.0% YoY and up 20.8% sequentially.

4.		Operating margins (EBIT) was 19.7%.

FY 2007

1.		Revenue was US$1.46 bn; a growth of 33.3%.

2.		Net Income was US$298 mn; a growth of 39.8%.

3.		Basic earning per ADS for fiscal 2007 was US$0.91; an increase of 37.4% over fiscal 2006.

4.		Operating margins (EBIT) for the year ended at 19.95% compared to 20.04% for fiscal 2006.

Other Highlights

1.		The parent company ended the quarter with 35,670 associates, an addition of 1,265 associates including 600 trainees for Q4 07. The number of associates including the subsidiaries and joint ventures stood at 39,552.

2.		Attrition on a trailing twelve months basis fell to 15.7% from 17.6% in Q3. Annualized quarterly attrition stood at 13.21% compared to 21.9% at the beginning of FY 2007.

— Ramalinga Raju, Founder & Chairman

— V. Srinivas, CFO


Q4		Table of Contents


Chairman’s Message			2

Indian GAAP Consolidated P&L			3

Indian GAAP Consolidated Balance Sheet			5

Indian GAAP Standalone P&L			6

Indian GAAP Standalone Balance Sheet			8

Financial Highlights — US GAAP			9

Subsidiaries and Joint Ventures			12

Business Outlook			12

Awards & Recognition			12

Business Highlights			13

Nipuna Services Limited			13

Operational Parameters for Q4, fiscal 2007			14



Satyam Computer Services Limited				1

Chairman’s Message

Dear Investor,

I am pleased to report that the company has achieved an annual revenue growth of 35% and net profit growth of 43% under Indian GAAP consolidated basis for fiscal 2007. As per US GAAP, the revenue growth rate is 33% and net income growth is 40%.

The strong performance is a culmination of strategic initiatives taken by the company on several fronts notably in the areas of relationship management, deepening of competencies and associate delight.

We added 138 customers in fiscal 2007 including 7 Fortune 500 customers. The number of customers billing more than US$10 mn increased to 35 from 27 during the year, while the number of customers billing more than US$1 mn increased by 20% to 180. The revenue from consulting and enterprise business solutions grew 43% in the year, being indicative of our dominant position in this segment.

We continue to win the confidence of our prominent customers resulting in opportunities of significant size and criticality. Our recent win of a US$200 mn deal from Applied Materials in Q4 based on a managed services model is illustrative of this trend. This has been complemented by our successful execution capabilities resulting in higher growth of such accounts.

We continue to service our customers in areas of strategic importance such as delivering greater proportion of work from offshore. Significant progress was made in this area in fiscal 2007 leading to an increase in offshore contribution to 49% of revenue compared to 45% in fiscal 2006. This was driven by a double digit offshore volume growth in each of the quarters.

The net addition of associates during the year is around 11,000 taking the total organization strength to around 40,000 at the close of this year. A noteworthy feature of the year has been the reduction in associate attrition to 15.7% from 19.2% in fiscal 2006. Annualised quarterly attrition for Q4 was 13%. We are gratified by the fact that our People Practices have won several recognitions in the global and regional arena in the past few months — which is an attestation of our renewed focus and commitment in this area. The latest feather in the cap is being accorded the No. 2 position in the Hewitt ‘Best Employers in India’ survey. We have also featured amongst the Top 12 in the Hewitt ‘Best Employers in Asia’ Survey, making us the only IT services company from India in the Top 20 rankings.

Q1 of fiscal 2008 will be witness to Satyam’s completion of 20 years, an important milestone in the organization’s journey of value creation. It symbolizes the maturity and strength of our organization.

We continue to see a strong demand in the market and are well-positioned to address that demand. Against this backdrop, we look forward to a revenue growth rate of 28% to 30% in fiscal 2008 as per US GAAP. We expect to record revenue of US$1.9 bn in fiscal 2008 at the higher end of our revenue guidance. The EPADS is expected to grow in the range of 27% to 29%. Corresponding Indian GAAP consolidated guidance after factoring in a rupee appreciation of 6% would translate to revenue growth rate of 20% to 22% and an EPS growth of 18% to 20%.

The Board has proposed a final dividend of 125%. The total dividend for fiscal 2007 stands at 175% including the interim dividend of 50%.

I am pleased to inform you that Mr. T. R. Prasad, ex-Cabinet Secretary, Government of India and Member of the 12^th Finance Commission and Dr. V. S. Raju, presently Chairman of the Naval Research Board, Defense Research and Development Organization, Government of India and Director, Bharti Airtel Limited, will join Satyam’s Board as Additional Directors with immediate effect. I am sure that the new members will contribute significantly to the company’s management, governance and technology leadership.

B. Ramalinga Raju



2				Satyam Computer Services Limited

Financial Highlights — Indian GAAP Consolidated

Profit and Loss Account Summary for the quarter ended

In Rs. crore, except per share data


							Growth over						Growth over
							March						December
	March						2006 Quarter			December			2006 Quarter
	2007			2006			(%)			2006			(%)

Income
Services
- Exports		1,701.01			1,247.54			36.35			1,585.20			7.31
- Domestic		78.14			66.08			18.25			75.92			2.92
Total Services Income		1,779.15			1,313.62			35.44			1,661.12			7.11

Expenditure
Personnel Expenses		1,076.26			750.04			43.49			967.35			11.40
Cost of Software & Hardware sold		0.50			0.87			(42.53	)		0.74			(32.43	)
Operating and Administration Expenses		292.17			228.22			28.02			283.04			2.76
		1,368.93			979.13			39.81			1,251.13			9.42

Operating Profit (EBITDA)		410.22			334.49			22.64			409.99			0.06
*EBITDA Margin*		*23.06*	%		*25.46*	%					*24.68*	%

Financial Expenses		7.42			1.65			349.70			3.23			129.72
Depreciation		35.39			37.16			(4.76	)		39.37			(10.11	)

Operating Profit after Interest, Depreciation & Miscellaneous Expenses		367.41			295.68			24.26			367.39			0.01
Other Income		70.40			28.89			143.68			10.17			592.23
Profit Before Tax		437.81			324.57			34.89			377.56			15.96
Provision for Taxation		44.23			39.74			11.30			40.33			9.67
Profit After Taxation and Before share of loss in Associate Company & Minority Interest		393.58			284.83			38.18			337.23			16.71
Share of loss in Associate Company		—									—
Minority Interest					(0.18	)
Profit After Taxation and share of loss in Associate Company & Minority Interest		393.58			284.65			38.27			337.23			16.71
Earnings Per Share — (Rs. per equity share of Rs. 2 each)
Basic		5.98			4.40			36.06			5.14			16.34
Diluted		5.83			4.23			37.99			5.00			16.60

Q4: Performance Against Guidance


	Parameters	Guidance	Actuals
Indian GAAP	Revenue (Rs. Crore)	1,728 to 1,736		1,779
	EPS (Rs)	5.42		5.98
US GAAP	Revenue (US $ Million)	392.9 to 394.9		411
	Basic EPADS (US $)	0.23		0.26



Satyam Computer Services Limited				3

Financial Highlights — Indian GAAP Consolidated

Profit and Loss Account Summary for the year ended

In Rs. crore, except per share data


							Growth over
	March						March 2006
	2007			2006			(%)

Income
Services
- Exports		6,188.12			4,596.74			34.62
- Domestic		296.96			195.85			51.63
Total Services Income		6,485.08			4,792.59			35.31


Expenditure
Personnel Expenses		3,857.93			2,804.70			37.55
Cost of Software and Hardware sold		2.27			2.00			13.50
Operating and Administration Expenses		1,087.17			819.71			32.63
		4,947.37			3,626.41			36.43
Operating Profit (EBITDA)		1,537.71			1,166.18			31.86
*EBITDA Margin*		*23.71*	%		*24.33*	%

Financial Expenses		15.92			5.54			187.36
Depreciation		148.44			137.28			8.13
Miscellaneous Expenditure Written Off		—			0.07
Operating profit after interest, Depreciation & Miscellaneous Expenses		1,373.34			1,023.29			34.21
Other Income		183.28			116.83			56.88
Profit Before Tax		1,556.63			1,140.12			36.53
Provision for Taxation		152.01			150.86			0.76
Profit After Taxation and Before share of loss in Associate Company & Minority Interest		1,404.62			989.26			41.99
Share of loss in Associate Company		—
Minority interest		0.12			(7.33	)
Profit After Taxation and share of loss in Associate Company & Minority Interest		1,404.73			981.93			43.06
Earnings Per Share — (Rs. per equity share of Rs. 2 each)
Basic		21.45			15.25			40.66
Diluted		20.98			14.67			43.06
Profit on Sale of Satyam’s stake in Sify		—			159.80
Profit after Sale of Satyam’s stake in Sify		—			1,141.73			—
EPS (Rs. Per equity share of Rs. 2 each) #
Basic		21.45			17.73			20.98
Diluted		20.98			17.05			23.05


#		Includes profit on sale of Satyam’s stake in Sify



4				Satyam Computer Services Limited

Indian GAAP Consolidated

Balance Sheet as at

In Rs. crore


	March				December
	2007		2006		2006

Sources of Funds
Shareholders’ Funds
(a) Share Capital		178.94		155.90		222.43
(b) Share Application Money, Pending Allotment		7.85		1.78		2.38
(c) Reserves and Surplus		5565.81		4159.57		5142.83

		5,752.60		4,317.25		5,367.64
Minority Interest		—		4.15		—
Loan Funds
(a) Secured Loans		147.88		102.71		128.02

		5,900.48		4,424.11		5,495.66


Application of Funds
Fixed Assets
(a) Gross Block		1,505.44		1,317.21		1,475.21
(b) Less: Depreciation		984.79		840.21		949.84

(c) Net Block		520.65		477.00		525.37
(d) Capital Work in Progress		301.69		80.25		244.52

		822.34		557.25		769.89
Deferred Tax Asset (Net)		43.67		4.62		41.91
Current Assets, Loans and Advances
(a) Inventories		0.02		0.19		0.02
(b) Sundry Debtors		1,743.17		1,168.42		1,511.10
(c) Cash and Bank Balances		3,991.42		3,111.70		3,673.96
(d) Loans and Advances		229.61		184.32		190.77
(e) Other Current Assets		64.91		110.60		95.95
		6,029.13		4,575.23		5,471.80


Less: Current Liabilities and Provisions
(a) Current Liabilities		574.53		437.04		588.94
(b) Provisions		420.13		275.95		199.00

		994.66		712.99		787.94


Net Current Assets		5,034.47		3,862.24		4,683.86

		5,900.48		4,424.11		5,495.66



Satyam Computer Services Limited				5

Financial Highlights — Indian GAAP Standalone

Standalone Profit and Loss Account Summary for the quarter ended

In Rs. crore, except per share data


							Growth over						Growth over
							March						December
	March						2006 Quarter			December			2006 Quarter
	2007			2006			(%)			2006			(%)
Income
Services
- Exports		1,637.18			1,207.31			35.61			1,526.04			7.28
- Domestic		71.85			52.66			36.44			68.83			4.39
Total Services Income		1,709.03			1,259.97			35.64			1,594.87			7.16


Expenditure
Personnel Expenses		1,036.07			716.43			44.62			929.34			11.48
Operating and Administration Expenses		265.78			208.00			27.78			256.59			3.58
		1,301.85			924.43			40.83			1,185.93			9.77

Operating Profit (EBITDA)		407.18			335.54			21.35			408.94			(0.43	)
*EBITDA Margin*		*23.83*	%		*26.63*	%					*25.64*	%

Financial Expenses		4.93			0.58			750.00			1.35			265.19
Depreciation		30.46			33.38			(8.75	)		34.32			(11.25	)

Operating Profit after Interest and Depreciation		371.79			301.58			23.28			373.27			(0.40	)
Other Income		69.37			27.55			151.80			9.73			612.95
Profit Before Tax		441.16			329.13			34.04			383.00			15.19
Provision for Taxation		43.66			39.23			11.29			39.70			9.97
Profit After Taxation (PAT)		397.50			289.90			37.12			343.30			15.79

Earnings Per Share — (Rs. per equity share of Rs. 2 each)
Basic		6.04			4.48			34.97			5.24			15.27
Diluted		5.89			4.30			36.82			5.09			15.72



6				Satyam Computer Services Limited

Financial Highlights — Indian GAAP Standalone

Standalone Profit and Loss Account Summary for the year ended

In Rs. crore, except per share data


							Growth over
	March						March 2006
	2007			2006			(%)

Income
Services
- Exports		5,961.06			4,461.64			33.61
- Domestic		267.41			172.67			54.87
Total Services Income		6,228.47			4,634.31			34.40


Expenditure
Personnel Expenses		3,706.04			2,700.67			37.23
Operating and Administration Expenses		993.31			740.13			39.21
		4,699.35			3,440.80			36.58
Operating Profit (EBITDA)		1,529.12			1,193.51			28.12
*EBITDA Margin*		24.55	%		25.75	%

Financial Expenses		7.61			2.72			179.78
Depreciation		129.89			122.81			5.77
Operating profit after interest, Depreciation		1,391.62			1,067.98			30.30
Other Income		181.61			115.08			57.81
Profit Before Tax		1,573.23			1,183.06			32.98
Provision for Taxation		150.00			149.51			0.33
Profit After Taxation (PAT)		1,423.23			1,033.55			37.70

Earnings Per Share — (Rs. per equity share of Rs. 2 each)
Basic		21.73			16.06			35.35
Diluted		21.25			15.44			37.67
Profit on Sale of Satyam’s stake in Sify		—			206.20			—
Profit after Sale of Satyam’s stake in Sify		—			1,239.75			—

EPS (Rs. Per equity share of Rs. 2 each) #
Basic		21.73			19.26			12.82
Diluted		21.25			18.51			14.80


#		Includes profit on sale of Satyam’s stake in Sify



Satyam Computer Services Limited				7

Indian GAAP Standalone
Balance Sheet as at March 31, 2007

In Rs. Crore


	March
	2007		2006		December 2006
Sources of Funds
Shareholders’ Funds
(a) Share Capital		133.44		64.89		131.42
(b) Share application money pending allotment		7.85		1.78		2.38
(c) Reserves and Surplus		5,648.07		4,268.75		5,265.31
		5,789.36		4,335.42		5,399.11

Loan Funds
(a) Secured Loans		13.79		12.57		15.15

		5,803.15		4,347.99		5,414.26


Application of Funds
Fixed Assets
(a) Gross Block		1,280.40		1,153.16		1,255.16
(b) Less: Depreciation		930.45		803.74		900.40
(c) Net Block		349.95		349.42		354.76
(d) Capital Work in Progress		290.05		76.84		238.58
		640.00		426.26		593.34

Investments		201.15		155.74		195.40

Deferred Tax Asset / (Liability)		43.36		4.29		41.91

Current Assets, Loans and Advances
(a) Sundry Debtors		1,649.86		1,122.81		1,426.30
(b) Cash and Bank Balances		3,959.82		3,052.33		3,634.96
(c) Loans and Advances		261.75		183.24		226.87
(d) Other Current Assets		64.83		110.59		95.89
		5,936.26		4,468.97		5,384.02


Less: Current Liabilities and Provisions
(a) Current Liabilities		597.17		435.71		601.84
(b) Provisions		420.45		271.56		198.57

		1,017.62		707.27		800.41


Net Current Assets		4,918.64		3,761.70		4,583.61

		5,803.15		4,347.99		5,414.26


8				Satyam Computer Services Limited

Financial Highlights — US GAAP

Unaudited Consolidated Statement of Operations Summary for the quarter ended

In million US dollars, except per share data and as stated otherwise


							Growth over					Growth over
							March					December
	March						2006 Quarter		December			2006 Quarter
	2007			2006			(%)		2006			%
Revenues	$	411.3		$	300.7			36.8	$	375.6			9.5
Gross Profit	$	147.0		$	118.2			24.4	$	138.1			6.4
Operating Income	$	81.0		$	63.6			27.4	$	77.6			4.4
Operating Margin		19.69	%		21.15	%				20.66	%		—
Income Before Income Taxes, Minority Interest and Equity in Earnings / (Losses) of Associated Companies	$	95.2		$	69.5			37.0	$	78.9			20.7
Income Taxes	$	(8.9	)	$	(7.4	)		20.27	$	(8.2	)		8.5
Income Before Equity in Earnings / (Losses) of Associated Companies	$	86.3		$	62.1			39.0	$	70.7			22.1
Equity in Earnings / (Losses) of Associated Companies, net of taxes		—		$	0.2			—	$	0.4			(100.0	)
Net Income	$	86.3		$	62.3			38.6	$	71.1			21.4

Earnings Per Share:
Basic	$	0.13		$	0.10			36.84	$	0.11			18.18
Diluted	$	0.13		$	0.09			36.84	$	0.11			18.18


Satyam Computer Services Limited					9

Financial Highlights — US GAAP

Unaudited Consolidated Statements of Operations Summary for the year ended

In millions of US dollars except per share data and as stated otherwise


	March						Growth over
	2007			2006			March 2006

Revenues	$	1,461.4		$	1,096.3			33.3
Gross profit	$	523.8		$	407.3			28.6
Operating income	$	291.6		$	219.7			32.7
Operating Margin		19.95	%		20.04	%
Income before income taxes, minority interest and equity in earnings/(losses) of associated companies	$	328.2		$	244.17			34.4
Income taxes	$	(30.6	)	$	(30.2	)		1.46
Income before equity in earnings / (losses) of associated companies	$	297.6		$	214.33			38.9
Equity in earnings / (losses) of associated companies, net of taxes	$	0.8		$	(0.8	)		—
Net income	$	298.4		$	213.5			39.8

Earnings per share:
Basic	$	0.46		$	0.34			37.31
Diluted	$	0.45		$	0.32			40.63

Profit Net of Tax on Sale of Satyam’s stake in Sify		—		$	35.9			—
Net Income including sale of Satyam’s stake in Sify		—		$	249.34			—

EPS including sale of Satyam’s stake in Sify								—
Basic	$	0.46		$	0.39			17.95
Diluted	$	0.45		$	0.38			18.42


10				Satyam Computer Services Limited

Reconciliation between Net Profit as per Indian GAAP Consolidated financials and US GAAP

In million US $


	Quarter ended March						Quarter ended
	2007			2006			December 2006

Profit as per the Indian GAAP Financial Statements	$	89.4		$	64.3		$	75.2

Add / (Deduct) :
1 Profit / (Loss) of Subsidiaries and Associated companies		—		$	(0.1	)		—
2 Deferred Stock Compensation Charge		(2.0	)	$	(0.4	)	$	(2.8	)
3 Gain on Sale of Shares in Sify		—			—			—
4 Others, net		(1.1	)	$	(1.5	)	$	(1.3	)

Net Income as per USGAAP Financial Statements	$	86.3		$	62.3		$	71.1

Reconciliation between Net Profit as per Indian GAAP Consolidated profits and US GAAP

In million US $


	Year ended March
	2007			2006

Profit as per the Indian GAAP Financial Statements	$	311.9		$	257.2
Add / (Deduct) :

1 Profit / (Loss) of Subsidiaries and Associated companies		—		$	(0.2	)
2 Deferred Stock Compensation Charge	$	(12.0	)	$	(0.8	)
3 Gain on Sale of Shares in Sify		—		$	0.6
4 Others, net	$	(1.5	)	$	(7.4	)

Net Income as per USGAAP Financial Statements	$	298.4		$	249.4


Satyam Computer Services Limited					11

Subsidiaries and Joint Ventures

Quarterly Q4 FY07

In Rs. Crore


	Revenue		PAT
Subsidiaries
Nipuna		50.33		(1.00	)
Citisoft		21.63		0.78
STI		1.08		(0.42	)
China		8.62		(3.20	)
Joint Ventures
CA Satyam		1.82		(0.08	)
Satyam Venture		15.60		0.10

Business Outlook

EPS and EPADS is based on basic number of shares/ADS.

Q4 2007

Q1 2008

Growth

FY 2007

FY 2008

Growth

Indian GAAP Consolidated Financials

Revenue (Rs. Crore)

1,779

1,801 to 1,810

1.2% to 1.7%

6,485

7,793 to 7,916

20% to 22%

EPS (Rs. per share)

5.98

5.93 to 5.98

-0.8% to 0%

21.45

25.32 to 25.73

18% to 20%

US GAAP

Revenue (US$ mn)

411.3

432 to 434

5.0% to 5.5%

1,461

1,870 to 1,900

28% to 30%

EPADS (US$ per ADS)

0.26

0.27

3.7%

0.91

1.16 to 1.18

27% to 29%

Average INR / US$ exchange rate

43.87

42.30

45.06

42.30

Awards & Recognition

“Satyam is a leading North American Applications Outsourcing Provider. Satyam’s solution strategy is strong, particularly in its vision for next generation architectures.”

•

William Martorelli, The Forrester Wave™ North American Applications Outsourcing, Q1 2007, March 26, 2007

“Satyam has the largest overall ERP practice and the heaviest commercial focus on packaged enterprise software.”

•

Dana Stiffler, Research Director, AMR Research, “Indian Service Provider’s ERP Practice Grow up”, January 26, 2007

Training Magazine placed Satyam at No.15 in the To p 125 companies for learning, making Satyam the first ever company in Asia to feature in the rankings.

Satyam bags top honors in two categories in global IR awards

Satyam was ranked “number one in India and among top 5 in the Asia/Pacific region” in the financial disclosure procedures category in the Global IR rankings, instituted by MZ Consult. In the corporate governance category, Satyam was ranked “number one in the Asia / Pacific region”.

The ranking system is based on extensive research by several respected companies and investors, and includes input from audit, corporate governance, and legal experts, such as KPMG Independent Auditors, Linklaters and JP Morgan.


12				Satyam Computer Services Limited

Business Highlights

Satyam added 35 new customers this quarter, including five Fortune Global 500 and US 500 customers. Prominent customer additions include a global telecom giant, a US-based international bank, and a producer of coated printing papers.

Satyam has been chosen as the systems integrator for developing and implementing an online trading portal solution for a leading telecom player in the APAC region. When implemented, this will become the single largest online trading platform project undertaken by any corporate in the region.

Satyam is working with a global insurance major to re-engineer the Sales Agent Management System for captive agencies. Satyam’s cost-effective solution has enabled the customer to make quicker decisions by enhancing visibility into real-time Sales and Agent Information and improving the time-to-market.

Satyam was chosen as the preferred service provider by a global petroleum giant for support and maintenance of its application portfolio, across multiple technology platforms, for its refining and marketing businesses.

Satyam’s User Experience Management competency leveraged its domain knowledge, and was chosen by a global credit card major to develop its e-Business and Campaign Management Solutions.

Citisoft (a Satyam company) is leading a business transformation initiative for the investment management division of a tier-one global investment bank. Key initiatives of the transformation include development of a market-leading fund of hedge funds platform and selection and deployment of new strategic systems architecture.

Satyam would be doing an end-to-end product development of an electronic article surveillance system for a leading OEM in the Asia Pacific region.

Satyam has entered into a long-term strategic vendor relationship with one of the leading Wall Street Brokerage and Investment Banking firms based on the successful completion of a high-end consulting assignment for laying down the Technology Roadmap for the IT operations division.

Nipuna Services Limited — Business Highlights

During the quarter, Nipuna added three customers. The company is now handling 64 processes for 33 customers in engineering, healthcare, insurance, artwork management, IT helpdesk, finance and accounts, animation, customer support, KPO and data management areas.

As of March 31, 2007, Nipuna had 2,916 associates and an infrastructure to accommodate around 5,000 associates.

Some of the key awards and recognitions during the quarter are:

•

Rajiv Gandhi National Quality Award 2006 — Awarded by the Bureau of Indian Standards for ten critical parameters that include Leadership, Policies, Objectives & Strategies, Human Resource Management, Resources, Processes, Customer-focused Results, Employees’ Satisfaction, Impact on Environment & Society, and Business Results.

•

ISO 27001 Certification — Confirmed Nipuna’s adherence to International Information Security Standards.

•

FAO Ranking — A reputed Global Publication on Finance and Accounting Outsourcing ranked Nipuna among the Top 20 FAO Service Providers in the world.

•

The Brown — Wilson Survey to be published in the Black Book of Outsourcing ranks Nipuna:

	•		Among the Global Top 10 KPO, Data Research & Analytics Service Providers

	•		Among the Global Top 10 Energy & Utilities Outsourcing Companies

	•		Among the Top 10 BPOs from India


Satyam Computer Services Limited					13

Operational parameters for Q4, Fiscal 2007

(Please note that all metrics are based on Indian GAAP Standalone numbers only)

A. Revenue Analysis

Analysis of revenue growth (%)


Particulars	Q4 2007			Q3 2007			Q4 2006			FY 2007		FY 2006
Increase / (Decrease) in revenue in US$ terms		8.81			7.75			5.41			32.28		35.23
Increase / (Decrease) in revenue due to change in:
- Volume (Hours billed)		8.09			7.48			5.31			31.00		34.47
- Billing rate		0.72			0.27			0.10			1.28		0.75
- US$ exchange rate		(1.66	)		(4.03	)		(2.36	)		2.12		(1.45	)
Increase / (Decrease) in revenue in Rupee terms		7.15			3.72			3.05			34.40		33.78

Analysis of Volume Growth (%)

Particulars

Q4 2007

Q3 2007

Q4 2006

Change in Volume (Total)

9.46

8.19

6.78

Breakup of export revenue between offshore and onsite (%)


Location	Q4 2007		Q3 2007		Q4 2006		FY 2007		FY 2006
Offshore		50.62		48.90		46.00		48.66		44.34
Onsite		49.38		51.10		54.00		51.34		55.66
Total		100.00		100.00		100.00		100.00		100.00

Revenue by region (%)


Region	Q4 2007		Q3 2007		Q4 2006		FY 2007		FY 2006
North America		62.56		64.27		63.92		64.53		65.63
Japan		1.48		1.66		1.88		1.49		1.45
Europe		19.86		19.00		18.64		18.69		18.20
Rest of World		16.11		15.07		15.56		15.29		14.72
Total		100.00		100.00		100.00		100.00		100.00


Technology	Q4 2007		Q3 2007		Q4 2006		FY 2007		FY 2006
Application Development & Maintenance Services		46.42		47.25		50.66		47.46		50.53
Consulting and Enterprise Business Solutions		42.61		42.01		39.28		41.41		38.92
Extended Engineering Solutions		7.00		6.77		6.41		6.58		6.61
Infrastructure Management Services		3.98		3.97		3.66		4.55		3.94
Total		100.00		100.00		100.00		100.00		100.00

Revenue by line of business (%)


Line of business	Q4 2007		Q3 2007		Q4 2006		FY 2007		FY 2006
Banking, Financial Services & Insurance		24.74		25.61		28.82		26.97		28.18
Manufacturing		27.16		27.12		28.88		27.18		28.60
TIMES		21.79		20.69		18.30		20.58		18.82
Healthcare & Pharma		8.03		7.60		6.15		7.42		6.24
Retail, Transportation & Logistics		6.42		6.00		5.14		5.79		5.79
Others		11.86		12.98		12.70		12.07		12.36
Total		100.00		100.00		100.00		100.01		100.00


14				Satyam Computer Services Limited

Operational parameters for Q4, fiscal 2007 (contd.)

Revenue by contract type (%)


Contract	Q4 2007		Q3 2007		Q4 2006		FY 2007		FY 2006
Time & Material		64.88		62.63		65.92		60.71		64.44
Fixed Bid		35.12		37.37		34.08		39.29		35.56
Total		100.00		100.00		100.00		100.00		100.00

Changes in billing rates (%)


	For the Quarter
Particulars	Sequential		Year on Year		FY 2007
Onsite		0.62		1.74		1.18
Offshore		0.72		1.36		0.71
Domestic		0.64		1.58		2.41

B. Associate Data

Location-wise break up of associates


Particulars	Q4 2007		Q3 2007		Q4 2006
Onsite		7,073		6,551		5,829
Offshore		25,269		25,007		17,444
Domestic		1,470		1,036		1,528
Total Technical		33,812		32,594		24,801
Support		1,858		1,811		1,710
Total		35,670		34,405		26,511

Total number of associates including those of subsidiaires and joint ventures is 39,552

Attrition

Particulars

Q4 2007

Q3 2007

Q32006

Attrition rate (TTM)

15.70

17.62

19.75

Utilization/Loading rates (in %)


Particulars	Q4 2007		Q3 2007		Q4 2006		FY 2007		FY 2006
Onsite		96.63		96.76		97.77		96.84		97.38
Offshore		78.42		77.60		79.91		78.52		79.03
Domestic		96.89		89.40		94.32		94.48		96.13
Offshore with trainees		71.34		68.49		72.19		70.50		73.77

C. Customer Information

Revenue contribution (in %)


Revenues from	Q4 2007		Q3 2007		Q4 2006		FY 2007		FY 2006
Top client		6.11		6.32		8.03		6.52		9.02
Top 5 clients		22.17		21.58		24.31		21.97		24.94
Top 10 clients		36.25		34.19		35.86		34.12		37.25


Satyam Computer Services Limited				15

Operational parameters for Q4, fiscal 2007 (contd.)

Number of customers with annualized billing exceeding:


Revenues of	Q4 2007		Q3 2007		Q4 2006
US$1 million		180		164		150
US$5 million		57		54		46
US$10 million		35		32		27

Revenue from existing business and new business (%)


	Q4 2007		Q3 2007		Q4 2006
Existing business		88.71		85.74		91.36
New business		11.29		14.26		8.64
Total		100.00		100.00		100.00

Other Information


Particulars	Q4 2007		Q3 2007		Q4 2006
New customers added		35		34		22
Number of active customers		538		523		469
Receivable days		87		82		80

Total number of customers including those of Citisoft, Knowledge Dynamics and Nipuna is 558


16				Satyam Computer Services Limited

About Satyam Computer Services Limited

Satyam’s ideas and products have resulted in technology-intensive transformations that have met the most stringent of international quality standards. Satyam Development Centers in India, the USA, the UK, the UAE, Canada, Hungary, Malaysia, Singapore, China, Japan and Australia serve 558* global companies, of which 163* are Fortune Global 500 and Fortune US 500 corporations. Satyam’s presence spans 55 countries, across six continents.

*Figures as per quarter ended March 31, 2007

For more information visit: www.satyam.com

Safe Harbor

Contact Information

Diwakar Pingle
Mayfair Centre, S.P. Road, Secunderabad - 500 003.
Ph: +91-40-30654105 Fax: +91-40-27840058
Email: Diwakar_Pingle@satyam.com


Satyam Computer Services Limited				17

EX-99.4 5 u92989exv99w4.htm EX-99.4 UNCONSOLIDATED/STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2007 UNDER INDIAN GAAP (AUDITED). EX-99.4

Exhibit 99.4

Satyam Computer Services Limited

Description of Business

The Company is an information technology (“IT”) services provider that uses a global infrastructure to deliver value-added services to its customers, to address IT needs in specific industries and to facilitate electronic business, or eBusiness, initiatives. The Company was incorporated on June 24, 1987 in Hyderabad, Andhra Pradesh, India. The Company has offshore development centers located throughout India that enable it to provide high quality and cost-effective solutions to clients. It also has offsite centers located in Australia, Canada, China, Dubai, Germany, Hungary, Japan, Malaysia, Singapore, United Kingdom and United States,. The range of services offered by it, either on a “time and material” basis or “fixed price”, includes consulting, systems design, software development, system integration and application maintenance. The Company offers a comprehensive range of IT services, including software development, packaged software integration, system maintenance and engineering design services. The Company has established a diversified base of corporate customers in a wide range of industries including insurance, banking and financial services, manufacturing, telecommunications, transportation and engineering services.

Statement on Significant Accounting Policies

Basis of Presentation

The financial statements of the Company are prepared under historical cost convention in accordance with the Generally Accepted Accounting Principles (GAAP) applicable in India and the provisions of the Indian Companies Act, 1956.

Use of Estimates

The preparation of the financial statements in conformity with the GAAP requires that the management makes estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities as at the date of the financial statements, and the reported amounts of revenue and expenses during the reported year. Actual results could differ from those estimates.

Revenue Recognition

The Company also performs time bound fixed-price engagements, under which revenue is recognized using the percentage of completion method of accounting. The cumulative impact of any revision in estimates of the percentage of work completed is reflected in the year in which the change becomes known. Provisions for estimated losses on such engagements are made during the year in which a loss becomes probable and can be reasonably estimated.

Amounts received or billed in advance of services performed are recorded as advance from customers/unearned revenue. Unbilled revenue, included in debtors, represents amounts recognized based on services performed in advance of billing in accordance with contract terms.

Fixed Assets

Fixed assets are stated at actual cost less accumulated depreciation. The actual cost capitalized includes material cost, freight, installation cost, duties and taxes, finance charges and other incidental expenses incurred during the construction/installation stage.

Gain/Loss arising on foreign exchange liabilities incurred for the purpose of acquiring fixed assets are adjusted in the carrying amount of the respective fixed assets.

Depreciation on fixed assets is computed on the straight line method over their estimated useful lives at the rates which are higher than the rates prescribed under Schedule XIV of the Companies Act, 1956. Individual assets acquired for less than Rs.5,000 are entirely depreciated in the year of acquisition.

Satyam Computer Services Limited

The cost of and the accumulated depreciation for fixed assets sold, retired or otherwise disposed off are removed from the stated values and the resulting gains and losses are included in the profit and loss account.

Costs of application software for internal use are generally charged to revenue as incurred due to its estimated useful lives being relatively short, usually less than one year.

The estimated useful lives are as follows:



		Estimated useful lives

Buildings		28 years
Computers		2 years
Plant and Machinery (Other than Computers)		5 years
Software — used in Development for Projects		3 years
Office Equipment		5 years
Furniture, Fixtures and Interiors		5 years
Vehicles		5 years

Capital work in progress

Assets under installation or under construction as at the Balance sheet date are shown as Capital work in progress. Advances paid towards acquisition of assets are also included under Capital work in progress.

Goodwill

Goodwill represents the difference between the purchase price and the book value of assets and liabilities acquired. Goodwill is amortized over the useful life of the asset. The goodwill is reviewed for impairment whenever events or changes in business circumstances indicate the carrying amount of assets may not be fully recoverable. If impairment is indicated, the asset is written down to its fair value.

Investments

Investments are classified into current investments and long-term investments. Current investments are carried at the lower of cost or market value. Any reduction in carrying amount and any reversals of such reductions are charged or credited to the profit and loss account. Long-term investments are carried at cost less provision made to recognize any decline, other than temporary, in the value of such investments.

Foreign Currency Translation

Transactions in foreign currency are recorded at exchange rate prevailing on the date of transaction. Monetary assets and liabilities denominated in foreign currency are translated at the rate of exchange at the balance sheet date and resultant gain or loss is recognized in the profit and loss account.

Non-monetary assets and liabilities are translated at the rate prevailing on the date of transaction.

The operations of foreign branches of the company are of integral in nature and the financial statements of these branches are translated using the same principles and procedures of head office.

In case of forward exchange contract or any other financial instruments that is in substance a forward exchange contract to hedge the foreign currency risk which is on account of firm commitment and/or is a highly probable forecast transaction, the premium or discount arising at the inception of the contract is amortized as expense or income over the life of the contract.

Satyam Computer Services Limited

Gain/Loss on settlement of transaction arising on cancellation or renewal of such a forward exchange contract is recognized as income or as expense for the period.

In all other cases the gain or loss on contract is computed by multiplying the foreign currency amount of the forward exchange contract by the difference between the forward rate available at the reporting date for the remaining maturity of the contract and the contracted forward rate (or the forward rate last used to measure a gain or loss on that contract for an earlier period), is recognized in the profit and loss account for the period.

Employee Benefits

Contributions to defined Schemes such as Provident Fund, Employee State Insurance Scheme and Superannuation are charged as incurred on accrual basis. The Company also provides for gratuity and leave encashment in accordance with the requirements of revised Accounting Standard — 15 “Employee Benefits”.

Taxes on Income

Tax expense for the year comprises of current tax and deferred tax. Current taxes are measured at the amounts expected to be paid using the applicable tax rates and tax laws. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change. Deferred tax assets and deferred tax liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss carry forwards.

Earnings Per Share

The earnings considered in ascertaining the Company’s Earnings Per Share (EPS) comprises the net profit after tax (and includes the post tax effect of any extra ordinary items). The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the year. The number of shares used in computing Diluted EPS comprises of weighted average shares considered for deriving Basic EPS, and also the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as of the beginning of the year, unless they have been issued at a later date. The diluted potential equity shares have been adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). The number of shares and potentially dilutive shares are adjusted for share splits/reverse share splits and bonus shares, as appropriate.

Associate Stock Option Scheme

Stock options granted to the associates under the stock option schemes established after June 19, 1999 are evaluated as per the accounting treatment prescribed by Employee Stock Option Scheme and Employee Stock Purchase Scheme Guidelines, 1999 issued by Securities and Exchange Board of India. Accordingly the excess of market value of the stock options as on the date of grant over the exercise price of the options is recognized as deferred employee compensation and is charged to profit and loss account on graded vesting basis over the vesting period of the options. The un-amortized portion of the deferred employee compensation is shown under Reserves and Surplus.

Research and Development

Revenue expenditure incurred on research and development is charged to revenue in the year/period in which it is incurred. Assets used for research and development activities are included in fixed assets.

Satyam Computer Services Limited

Balance Sheet as at March 31, 2007


					Rs. in Crores

	Schedule		As at		As at
	Reference		31.03.2007		31.03.2006


I. Sources of Funds :
1. Shareholders’ Funds
(a) Share Capital		1		133.44		64.89
(b) Share application money, pending allotment				7.85		1.78
(c) Reserves and Surplus		2		5,648.07		4,268.75

				5,789.36		4,335.42

2. Loan Funds
(a) Secured Loans		3		13.79		12.57

				5,803.15		4,347.99


II. Application of Funds :
1. Fixed Assets		4
(a) Gross Block				1,280.40		1,153.16
(b) Less: Depreciation				930.45		803.74

(c) Net Block				349.95		349.42
(d) Capital Work in Progress				290.05		76.84

				640.00		426.26

2. Investments		5		201.15		155.74

3. Deferred Tax Assets (net)		6		43.36		4.29

4. Current Assets, Loans and Advances
(a) Sundry Debtors		7		1,649.86		1,122.81
(b) Cash and Bank Balances		8		3,959.82		3,052.33
(c) Loans and Advances		9		261.75		183.24
(d) Other Current Assets
- Interest Accrued on Fixed Deposits				64.83		110.59

				5,936.26		4,468.97

Less: Current Liabilities and Provisions
(a) Liabilities		10		597.17		435.71
(b) Provisions		11		420.45		271.56

				1,017.62		707.27

Net Current Assets				4,918.64		3,761.70


				5,803.15		4,347.99

Notes to Accounts		15

The Schedules referred to above and the Statement on Significant Accounting Policies form an integral part of the Balance Sheet.


This is the Balance Sheet referred to
in our report of even date.	for and on behalf of the Board of Directors


S. Gopalakrishnan	B. Ramalinga Raju	B. Rama Raju
Partner	Chairman	Managing Director
for and on behalf of
Price Waterhouse
Chartered Accountants

	V. Srinivas	G. Jayaraman
	Director	Sr. Vice President (Corp. Governance)
	& Sr. Vice President — Finance	& Company Secretary

Place : Secunderabad		Place : Secunderabad
Date : April 20, 2007		Date : April 20, 2007

Satyam Computer Services Limited

Profit and Loss Account for the Year ended March 31, 2007


						Rs. in Crores

			Year			Year
	Schedule		Ended			Ended
	Reference		31.03.2007			31.03.2006


Income

Services
- Exports				5,961.06			4,461.64
- Domestic				267.41			172.67
Other Income		12		181.61			377.91

				6,410.08			5,012.22


Expenditure

Personnel Expenses		13		3,706.04			2,700.67
Operating and Administration Expenses		14		993.31			740.13
Financial Expenses				7.61			2.72
Depreciation				129.89			122.81

				4,836.85			3,566.33


Profit Before Taxation				1,573.23			1,445.89
Provision for Taxation - Current				168.15			190.92
- Fringe Benefit				12.06			8.80
- Deferred				(30.21	)		6.42

Profit After Taxation				1,423.23			1,239.75
Add: Balance brought forward from previous year				2,836.81			1,982.64
Less: Residual dividend and additional dividend tax				(0.56	)		1.23

Profit Available for Appropriation				4,260.60			3,221.16

Appropriations :
Interim Dividend @ Re. 1.00 per Equity Share of Rs. 2.00 each (2006 — Rs. 2.00 per Equity Share)				65.61			64.46
Final Dividend @ Rs. 2.50 per Equity Share of Rs. 2 each (2006 — Rs. 5.00 per Equity Share)				166.80			163.87
Tax on distributed profits				37.55			32.02
Transfer to General Reserve				142.32			124.00

Balance carried to Balance Sheet				3,848.32			2,836.81


Earnings Per Share (Rs. per equity share of Rs. 2 each)
Basic				21.73			19.26
Diluted				21.25			18.51

No. of Shares used in computing Earnings Per Share
Basic				654,853,959			643,784,984
Diluted				669,705,425			669,626,864

Notes to Accounts		15

The Schedules referred to above and the Statement on Significant Accounting Policies form an integral part of the Profit and Loss Account.


This is the Profit and Loss Account referred to		for and on behalf of the Board of Directors
in our report of even date.


S. Gopalakrishnan	B. Ramalinga Raju	B. Rama Raju
Partner	Chairman	Managing Director
for and on behalf of
Price Waterhouse
Chartered Accountants

	V. Srinivas	G. Jayaraman
	Director	Sr. Vice President (Corp. Governance)
	& Sr. Vice President — Finance	& Company Secretary

Place : Secunderabad		Place : Secunderabad
Date : April 20, 2007		Date : April 20, 2007

Satyam Computer Services Limited

Schedules forming part of the Balance Sheet


				Rs. in Crores

		As at		As at
		31.03.2007		31.03.2006


1.	Share Capital
	Authorised :		160.00		75.00

	800,000,000 (2006 — 375,000,000 ) Equity Shares of Rs. 2 each

	Issued and Subscribed :		133.44		64.89

	667,196,009 (2006 — 324,449,539 ) Equity Shares of Rs. 2 each fully paid-up

	Out of the above:
	4,000,000 Equity Shares of Rs. 2 each were allotted as fully paid-up Equity Shares for a consideration other than cash pursuant to the Scheme of Amalgamation with Satyam Enterprise Solutions Limited

	468,289,738 (2006 — 140,595,000) Equity Shares of Rs. 2 each were allotted as fully paid-up by way of Bonus Shares by capitalising free reserves of the Company

	130,209,472 (2006 — 64,680,600 ) Equity Shares of Rs. 2 each fully paid-up represent 65,104,736 (2006 — 32,340,300 ) American Depository Shares

	38,116,009 (2006 — 9,909,539 ) Equity Shares of Rs. 2 each fully paid-up were alloted to associates of the Company pursuant to the Associate Stock Option Plan — B and Associate Stock Option Plan (ADS)



2.	Reserves and Surplus

	Share Premium Account
	As at the commencement of the year		1,028.63		890.94
	Add: Received on account of issue of ADS / ASOP		292.55		137.69

			1,321.18		1,028.63


	General Reserve
	As at the commencement of the year		402.79		278.79
	Add: Transfer from the Profit and Loss Account		142.32		124.00

			545.11		402.79
	Less: Provision for leave encashment (Refer note (m) of Schedule 15)		17.47		—
	Less: Utilised on issue of bonus shares (Refer note (j) of Schedule 15)		65.54		—

			462.10		402.79


	Employee Stock Options
	Employee Stock Options Outstanding		180.61		0.52
	Less: Deferred Employee Compensation		164.14		—

			16.47		0.52


	Balance in Profit and Loss Account		3,848.32		2,836.81


			5,648.07		4,268.75




3.	Secured Loans
	Vehicle Loans		13.79		12.57

Satyam Computer Services Limited

Schedules forming part of the Balance Sheet

4. Fixed Assets

Rs. in Crores



		GROSS BLOCK								DEPRECIATION								NET BLOCK
	DESCRIPTION	As at 01.04.2006		Additions		Deletions		As at 31.03.2007		As at 01.04.2006		For the year		Deletions		As at 31.03.2007		As at 31.03.2007		As at 31.03.2006


1.	Land & Land Development
	- Freehold*		31.03		7.21		—		38.24		—		—		—		—		38.24		31.03
	- Leasehold		8.13		—		—		8.13		0.02		0.01		—		0.03		8.10		8.11

2.	Buildings**		101.76		—		—		101.76		13.24		3.60		—		16.84		84.92		88.52

3.	Plant and Machinery (Including Computers and Software)		789.40		85.06		1.14		873.32		636.85		97.92		1.14		733.63		139.69		152.55

4.	Office Equipment		20.92		5.07		—		25.99		13.51		3.50		—		17.01		8.98		7.41

5.	Furniture, Fixtures and Interiors		171.58		23.33		0.01		194.90		128.17		18.25		0.01		146.41		48.49		43.41

6.	Vehicles		30.34		11.90		4.18		38.06		11.95		6.61		2.03		16.53		21.53		18.39


	Total		1,153.16		132.57		5.33		1,280.40		803.74		129.89		3.18		930.45		349.95		349.42

	As at 31.03.2006		937.70		222.10		6.64		1,153.16		685.41		122.81		4.48		803.74		349.42		—


*		Includes Rs. 12.24 crores (2006 — Rs. 12.24 crores ) in respect of which deed of conveyance is pending.

**		Includes Rs. 38.85 crores (2006 — Rs. 38.85 crores ) constructed on leasehold land.

Satyam Computer Services Limited

Schedules forming part of the Balance Sheet


Rs. in Crores
		As at			As at
		31.03.2007			31.03.2006

5.	Investments

Long Term

i)	Trade (Unquoted)

	Satyam Venture Engineering Services Private Limited			3.54			3.54
	3,544,480 Shares of Rs. 10 each, fully paid-up

	CA Satyam ASP Private Limited			7.17			7.17
	7,168,995 Equity Shares of Rs. 10 each, fully paid-up

	Intouch Technologies Limited		10.90			10.90
	833,333 Shares of 20 US cents each, fully paid-up
	Less : Provision for diminution		10.90	—		10.90	—


	Medbiquitious Services Inc.,		1.57			1.57
	334,000 Shares of ‘A’ series Preferred Stock of US Dollars 0.001 each, fully paid-up
	Less : Provision for diminution		1.57	—		1.57	—


	Avante Global LLC.,		2.54			2.54
	577,917 class ‘A’ units representing a total value of US Dollars 540,750
	Less : Provision for diminution		2.54	—		2.54	—


	Jasdic Park Company
	480 Shares of J Yen 50,000 each, fully paid-up		0.75			0.75
	Less : Received on liquidation		0.26			0.26

	Less : Provision for diminution		0.49	—		0.49	—


	Investments in subsidiary companies

	Satyam Technologies Inc.,			20.22			20.22
	100,000 Common Stock of 1 US cent each, fully paid-up

	Nipuna Services Limited			18.27			18.27
	18,268,000 Equity Shares of Rs. 10 each, fully paid-up

	Satyam Computer Services (Shanghai) Co. Limited^$$			25.75			15.92

	Citisoft Plc			111.56			75.98
	11,241,000 (2006 - 8,430,752)Ordinary Shares of 0.01 GBP each, fully paid up

	Knowledge Dynamics Pte Ltd			14.64			14.64
	10,000,000 Ordinary Shares of 0.01 SGD each, fully paid up

	Satyam (Europe) Limited		6.98			6.98
	1,000,000 Equity Shares of 1 GBP each, fully paid-up
	Less: Provision for losses		6.98	—		6.98	—


	Satyam Japan KK		0.42			0.42
	200 Common Stock of J Yen 50,000 each, fully paid-up
	Less: Provision for losses		0.42	—		0.42	—


	Satyam Asia Pte Limited		1.03			1.03
	400,000 Ordinary Shares of 1 Singapore Dollar each, fully paid-up
	Less: Provision for losses		1.03	—		1.03	—


	Dr. Millennium, Inc.,		3.09			3.09
	710,000 Common Stock of 1 US Dollar each , fully paid-up
	Less : Received on account of reduction of Share Capital		2.99			2.99
	Less: Provision for losses		0.10	—		0.10	—


	Vision Compass, Inc.		89.94			89.94
	425,000,000 Common Stock of 1 US Cent each, fully paid-up
	Less : Provision for diminution		89.94	—		89.94	—


	Satyam IdeaEdge Technologies Private Limited		0.01			0.01
	10,000 Equity Shares of Rs. 10 each, fully paid-up
	Less : Provision for diminution		0.01	—		0.01	—


ii)	Non Trade (Unquoted)

	National Savings Certificates,VIII Series (Lodged as security with government authorities)			—			—

				201.15			155.74


^$$		Investment is not denominated in number of shares as per laws of the People’s Republic of China.

Satyam Computer Services Limited

Schedules forming part of the Balance Sheet


Rs. in Crores
		As at			As at
		31.03.2007			31.03.2006


6.	Deferred Tax Assets (net)
	Debtors		11.83			11.02
	Advances		1.43			1.43
	Fixed Assets		(24.13	)		(25.38	)
	Others		54.23			17.22

			43.36			4.29




7.	Sundry Debtors (Unsecured)
	Considered good *
	(a) Over six months old		23.79			12.78
	(b) Other debts		1,626.07			1,110.03

			1,649.86			1,122.81
	Considered doubtful **		117.26			103.89

			1,767.12			1,226.70

	Less: Provision for doubtful debts **		117.26			103.89

			1,649.86			1,122.81

	* Debtors include dues from subsidiaries Rs.4.15 crores (2006 — Rs. 4.38 crores) and Unbilled revenue Rs. 158.18 crores (2006 - Rs. 170.14 crores)
	** Includes dues from subsidiaries Rs. 18.89 crores (2006 - Rs. 18.89 crores)



8.	Cash and Bank Balances*
	Cash on hand		0.04			0.05

	Remittances in transit		—			—

	Balances with Scheduled Banks
	- On Current Accounts		415.18			1,021.28
	- On Deposit Accounts		3,365.82			1,907.42

	Unclaimed Dividend Accounts		6.33			5.05
	Balances with Non-Scheduled Banks**
	- On Current Accounts		171.61			117.80
	- On Deposit Accounts		0.84			0.73

			3,959.82			3,052.33

	* Includes unutilised amount of ADS issue proceeds — Rs. Nil (2006 - Rs. 262.20 crores)
	** Refer note (g) of Schedule 15



9.	Loans and Advances
	(Considered good unless otherwise stated)

	Secured — Loans		0.04			0.11
	Unsecured — Advances recoverable in cash or in kind or for value to be received*		182.28			114.16
	— Deposits		79.43			68.97
	Considered doubtful — Advances **		71.33			65.37

			333.08			248.61
	Less: Provision for doubtful Advances **		71.33			65.37

			261.75			183.24

	* Includes advances and share application money to subsidiaries Rs. 44.96 crores (2006 - Rs. 5.18 crores)
	**Includes due from subsidiaries Rs.48.12 crores (2006 - Rs. 48.12 crores)



10.	Liabilities
	Sundry Creditors
	- Dues to small scale industrial undertakings		—			—
	- Dues to other than small scale industrial undertakings		443.33			332.05
	Advances from Customers		1.23			0.93
	Unearned Revenue		87.52			52.67
	Investor Education Protection Fund — Unclaimed Dividends		6.33			5.05
	Other Liabilities		58.76			45.01

			597.17			435.71




11.	Provisions
	Provision for Taxation (less payments)		64.20			33.53
	Proposed Dividend (including tax thereon)		195.15			186.85
	Provision for Gratuity and Leave Encashment		161.10			51.18

			420.45			271.56

Satyam Computer Services Limited

Schedules forming part of the Profit and Loss Account


Rs. in Crores

		Year		Year
		Ended		Ended
		31.03.2007		31.03.2006
12.	Other Income
	Interest on deposits and advances — Gross		165.77		115.77
	{Tax Deducted at Source Rs. 37.10 crores} (2006 — Rs. 25.94 crores)
	Gain/(Loss) on exchange fluctuations (net)		13.54		(2.18	)
	Profit on sale of long term investments		—		262.83
	Miscellaneous income		2.30		1.49

			181.61		377.91




13.	Personnel Expenses
	Salaries and bonus		3,425.89		2,501.25
	Contribution to provident and other funds		248.22		181.97
	Staff welfare expenses		15.94		17.53
	Employee stock compensation expense		15.99		(0.08	)

			3,706.04		2,700.67




14.	Operating and Administration Expenses
	Rent		88.07		68.73
	Rates and taxes		24.46		15.20
	Insurance		16.52		13.95
	Travelling and conveyance		367.57		237.40
	Communication		64.32		63.42
	Printing and stationery		8.10		5.95
	Power and fuel		34.68		26.98
	Advertising		3.24		7.83
	Marketing expenses		59.63		59.24
	Repairs and maintenance
	- Buildings		2.69		1.43
	- Machinery		14.45		8.69
	- Others		27.00		20.04
	Security services		4.97		3.09
	Legal and professional charges		139.48		95.70
	Provision for doubtful debts and advances		19.33		11.71
	Loss on sale of Fixed Assets (net)		0.79		0.83
	Directors’ sitting fees		0.04		0.04
	Auditors’ remuneration		3.67		1.15
	Donations and contributions		3.62		3.73
	Subscriptions		3.13		2.09
	Training and development		22.35		15.00
	Research and development		1.29		2.45
	Software charges		20.22		22.54
	Managerial remuneration
	- Salaries		1.66		0.35
	- Commission		0.95		0.91
	- Contribution to P.F.		0.04		0.04
	- Others		0.22		0.19
	Visa charges		44.47		32.31
	Miscellaneous expenses		16.35		19.14

			993.31		740.13

Satyam Computer Services Limited

15. Notes to Accounts

Associate Stock Option Plans.

	i.		Scheme established prior to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999, (SEBI Guidelines on Stock Options).

			In May 1998, the Company established its Associate Stock Option Plan (the “ASOP”). The Company subsequently established an employee welfare trust called the Satyam Associates Trust (the “Trust”), to administer the ASOP and issued warrants to purchase 6,500,000 equity shares of Rs. 2 each in the Company. In turn, the Trust periodically grants to eligible employees warrants to purchase equity shares held by trust for the issuance to the employees. The warrants may vest immediately or may vest over a period ranging from two to three years, depending on the employee’s length of service and performance. Upon vesting, employees have 30 days to exercise warrants. The exercise price of the warrants was fixed at Rs. 450 per warrant.

			At the 12^th Annual General Meeting held on May 28, 1999, shareholders approved a 1:1 Bonus issue to all shareholders as of August 31, 1999. In order to ensure all its employees receive the benefits of the bonus issue in December 1999, the Trust exercised all its warrants to purchase the Company’s shares prior to the bonus issue using the proceeds obtained from bank loans. Subsequent to this, each warrant entitles the holder to purchase 10 shares of Rs. 2 each of the Company at a price of Rs. 450 per warrant plus an interest component associated with the loan which the Trust assumed, for conversion of the warrants it held. The interest component is computed based on fixed vesting period and a fixed interest rate. As this scheme is established prior to the SEBI guidelines on the stock options, there is no cost relating to the grant of options under this scheme.

	ii.		Scheme established after SEBI Guidelines on Stock Options.

			Securities Exchange Board of India (SEBI) issued the Employee Stock Option Scheme and Employee Stock Purchase Scheme Guidelines 1999, which is applicable for all Stock Option Schemes established after June 19, 1999.

			The Company has established a scheme “Associate Stock Option Plan — B” (ASOP — B) for which 83,454,280 equity shares of Rs. 2 each were earmarked. Upon vesting, associates have 5 years to exercise these shares.

			Accordingly, options (net of cancellations) for a total number of 19,976,210 equity shares of Rs. 2 each were outstanding as at March 31, 2007 ( 2006 — 45,605,388 ).

			Changes in number of options outstanding were as follows:



	Year ended March 31,
Options	2007			2006

At the beginning of the year		45,605,388			53,660,630
Granted	Nil				6,579,552
Exercised		(17,448,659	)		(9,039,604	)
Cancelled		(8,180,519	)		(5,595,190	)
At the end of the year		19,976,210			45,605,388

	iii.		Associate Stock Option Plan (ADS)

			The Company has established a scheme “Associate Stock Option Plan (ADS)” to be administered by the Administrator of the ASOP (ADS), a committee appointed by the Board of Directors of the Company. Under the scheme 5,149,330 ADS are reserved to be issued to eligible associates with the intention to issue the warrants at a price per option which is not less than 90% of the value of one ADS as reported on NYSE on the date of grant converted into Indian Rupees at the rate of exchange prevalent on the day of grant as decided by the Administrator of the ASOP (ADS). Each ADS represents two equity shares of Rs. 2 each fully paid up. These warrants vest over a period of 1-10 years from the date of the grant. The time available to exercise the warrants upon vesting is as decided by the Administrator of the ASOP (ADS).

			Accordingly, options (net of cancellation) for a total number of 1,461,064 ADS (2006 — 1,991,342) representing 2,922,128 equity shares of Rs. 2 each were outstanding as at March 31, 2007 (2006 -3,982,684 ).

Satyam Computer Services Limited

Changes in number of options outstanding were as follows:



	Year ended March 31,
Options	2007			2006

At the beginning of the year		1,991,342			2,515,802
Granted		20,000			320,430
Exercised		(424,136	)		(664,446	)
Cancelled		(126,142	)		(180,444	)
At the end of the year		1,461,064			1,991,342

	iv.		Associate Stock Option Plan — Restricted Stock Units (ASOP — RSUs)

			The Company has established a scheme “Associate Stock Option Plan — Restricted Stock Units (ASOP — RSUs)” to be administered by the Administrator of the ASOP — RSUs, a committee appointed by the Board of Directors of the Company. Under the scheme 13,000,000 equity shares are reserved to be issued to eligible associates at a price to be determined by the Administrator which shall not be less than the face value of the share. These RSUs vest over a period of 1-4 years from the date of the grant. The maximum time available to exercise the warrants upon vesting is five years from the date of vesting.

			Accordingly, options (net of cancellations) for a total number of 3,293,140 ASOP-RSUs equity shares of Rs. 2 each were outstanding as at March 31, 2007 ( 2006 — Nil ).



	Year ended March 31,
Options	2007		2006

At the beginning of the year		—		—
Granted		3,293,140		—
Exercised		—		—
Cancelled		—		—
At the end of the year		3,293,140		—

	v.		Associate Stock Option Plan — RSUs (ADS) (ASOP — RSUs (ADS))

			The Company has established a scheme “Associate Stock Option Plan — RSUs (ADS)” to be administered by the Administrator of the ASOP — RSUs (ADS), a committee appointed by the Board of Directors of the Company. Under the scheme 13,000,000 equity shares minus the number of shares issued from time to time under the Associate Stock Option Plan — RSUs are reserved to be issued to eligible associates at a price to be determined by the Administrator not less than the face value of the share. These RSUs vest over a period of 1-4 years from the date of the grant. The maximum time available to exercise the warrants upon vesting is five years from the date of vesting.

			Accordingly, options (net of cancellation) for a total number of 236,620 ADS (2006 — Nil) representing 473,240 equity shares of Rs. 2 each were outstanding as at March 31, 2007 (2006 — Nil)



	Year ended March 31,
Options	2007		2006

At the beginning of the year		—		—
Granted		236,620		—
Exercised		—		—
Cancelled		—		—
At the end of the year		236,620		—

Satyam Computer Services Limited

Pro forma disclosure:

In accordance with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, had the compensation cost for associate stock option plans been recognized based on the fair value at the date of grant in accordance with Black Scholes’ model, the pro forma amounts of the Company’s net profit and earnings per share would have been as follows:



	Year ended March 31,
Particulars	2007		2006

1. Profit after Taxation
- As reported (Rs. In crores)		1,423.23		1,239.75
- Pro forma (Rs. In crores)		1,373.05		1,142.11

2. Earnings per share:
Basic
- No. of shares		654,853,959		643,784,984
- EPS as reported (Rs.)		21.73		19.26
- Pro forma EPS (Rs.)		20.97		17.74
Diluted
- No. of shares		669,705,425		669,626,864
- EPS as reported (Rs.)		21.25		18.51
- Pro forma EPS (Rs.)		20.50		17.06

The following assumptions were used for calculation of fair value of grants:



	Year ended March 31,
	2007		2006

Dividend yield (%)		0.78		0.75
Expected volatility (%)		59.01		58.05
Risk-free interest rate (%)		8.00		7.00
Expected term (in years)		0.96		1.26

(b)		Share application money pending allotment

		Amount received from associates on exercise of stock options, pending allotment of shares is shown as share application money, pending allotment.

(c)		Secured Loans

		Vehicles are hypothecated to the Banks as security for the amounts borrowed.

(d)		Investments

		During May 2005, the Company acquired Citisoft Plc (“Citisoft”), a specialist business and systems consulting firm located in the United Kingdom that has focused on the investment management industry, with operating presence in London, Boston and New York.

		The Company acquired 75% of the shareholding in Citisoft for an initial cash consideration of Rs. 62.35 crores (inclusive of acquisition costs) and a deferred consideration of Rs.13.63 crores (equivalent GBP 1.75 million). The Company is also required to pay a maximum earn out consideration amounting to Rs.19.25 crores (equivalent GBP 2.25 million) based on achievement of targeted revenues and profits.

		On June 29, 2006, the Company acquired the remaining 25% shareholding for a consideration of Rs. 27.47 crores (equivalent GBP 3.26 million). The Company is also required to pay a maximum earn-out consideration amounting to Rs. 30.28 crores (equivalent GBP 3.54 million) based on achievement of targeted revenues and profits and to fund an Employee Benefit Trust (EBT) formed by Citisoft. The obligation to fund the EBT amounting to maximum of Rs. 15.40 crores (equivalent GBP 1.80 million) is contingent on Citisoft achieving certain revenue and profit performance targets. During the quarter ended September 30,2006, the company has paid Rs. 7.82 crores (equivalent GBP 0.90 million) to Employee Benefit Trust.

Satyam Computer Services Limited

(e)

Land

The Company acquired 14.93 acres of land at Hyderabad from Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for an aggregate purchase consideration of Rs.7.21 crores. Non-compliance of certain terms and conditions would attract withdrawal of rebate, which may increase the cost of land.

(f)

Details of advances to subsidiaries are as follows:


	Rs. in crores
	Balance as at				Maximum Balance
	March 31,				March 31,
Name of Company	2007		2006		2007		2006


Wholly-owned subsidiaries:
Nipuna Services Limited		40.73		5.00		45.41		10.00
Satyam Technologies Inc.,		0.03		0.03		1.96		0.14
Satyam Computer Services (Shanghai) Co. Ltd.		1.68		0.10		1.68		0.10
Knowledge Dynamics Pte Ltd		—		0.05		—		0.24
Knowledge Dynamics Pvt Ltd		0.01		—		0.05		—
Citisoft Plc		2.51		—		2.51		—

(g)

Balances with Non-Scheduled Banks


	Rs. in crores
					Maximum Balances
	Balances as at March 31,				Year ended March 31,
Name of the Bank	2007		2006		2007		2006

Balances with Non-Scheduled Banks On Current Accounts
Banco Do Brasil, Brazil		0.60		—		1.59		—
Banque Nationale De Paris, Brussels		1.80		—		5.33		—
Banque Nationale De Paris, France		1.88		1.05		4.55		1.26
Banque Nationale De Paris, Hague		2.84		3.32		8.04		3.32
Banque Nationale De Paris, Ireland		1.66		0.42		1.96		0.54
Banque Nationale De Paris, Italy		0.93		—		2.95		—
Banque Nationale De Paris, Saarbruecken		2.40		0.54		9.78		0.54
Banque Nationale De Paris, Spain		0.60		0.69		1.58		1.26
Banque Nationale De Paris, Switzerland		0.37		—		8.98		—
Banque Nationale De Paris, Saudi Arabia		0.19		—		1.13		—
Banque Nationale De Paris, Taipei		2.45		2.15		2.64		2.21
Citibank NA, Bangkok		14.19		11.45		15.64		11.71
Citibank NA, Denmark		0.58		—		4.68		—
Citibank NA, Dubai		0.08		0.20		2.51		2.09
Citibank NA, Hong Kong		1.56		0.27		1.56		0.90
Citibank NA, Hungary		0.18		0.15		0.55		1.43
Citibank NA, Kuala Lumpur		0.80		0.67		8.44		2.84
Citibank NA, London		2.25		0.54		2.27		5.06
Citibank NA, New York		8.88		3.98		33.03		24.62
Citibank NA, New Zealand		1.37		2.20		2.94		2.93
Citibank NA, Seoul		10.39		8.27		10.70		8.54
Citibank NA, Singapore		3.81		2.54		8.64		8.10
Citibank NA, Johannesburg		2.21		1.51		3.36		2.12
Citibank NA, Sydney		18.66		6.29		25.61		26.54
Citibank INTL PLC, Stockholm		0.45		—		0.60		—
Citibank NA, Toronto		2.47		2.24		9.23		5.41
Dresdner Bank, Saarbruecken		2.82		12.27		14.73		12.81
Hong Kong and Shanghai Banking Corporation, London		21.08		11.79		50.53		22.91
Hong Kong and Shanghai Banking Corporation, Shanghai		0.02		0.02		0.02		0.02
Hong Kong and Shanghai Banking Corporation, Tokyo		3.83		9.79		14.55		10.96
Koonmin Bank, Seoul		—		—		0.12		—
KSB Bank N V, Brussels		0.95		2.31		9.63		4.37
Mitsui Sumitomo Bank, Tokyo		0.58		0.65		2.18		1.70
UBS Bank, Switzerland		7.67		1.39		8.97		3.83

Satyam Computer Services Limited


	Rs. in crores
					Maximum Balances
	Balances as at March 31,				Year ended March 31,
Name of the Bank	2007		2006		2007		2006

Unicredit Banca, Italy		0.57		0.90		3.95		3.69
United Bank, Vienna		39.55		28.71		58.18		52.89
Wachovia Bank, New Jersey		10.94		1.49		73.82		13.12
Woori Bank, Korea		—		—		0.26		5.08

		171.61		117.80


On Deposit Accounts
Citibank NA, Hungary		0.84		0.73		0.84		0.82

(h)

Related Party Transactions

The Company had transactions with the following related parties:

Subsidiaries: Citisoft Plc, Citisoft Inc., Knowledge Dynamics Pte Ltd, Knowledge Dynamics Private Limited, Knowledge Dynamics USA Inc., Info On Demand SDN BHD, Nipuna Services Limited, Satyam Computer Services (Shanghai) Co. Ltd and Satyam Technologies Inc.

Joint Ventures (JVs): Satyam Venture Engineering Services Private Limited and CA Satyam ASP Private Limited.

Associates: Sify Limited (ceased to exist as an associate w.e.f. November 09, 2005)

Others: Satyam Foundation Trust (Enterprises where trustees are spouses of Whole-time Directors and Key Managerial Personnel) and Satyam Associate Trust (Enterprises where some of trustees are Key Managerial Personnel)

Directors and Key Management Personnel: B.Ramalinga Raju, B.Rama Raju, Ram Mynampati, Prof. Krishna G Palepu, Abraham Joseph, A.S.Murthy, Mohan Eddy, G.B.Prabhat (partly employed), D. Subramaniam, V. Srinivas, G. Jayaraman, Shailesh Shah, Vijay Prasad Boddupalli, Manish Sukhlal Mehta, Dr. Keshab Panda, Virender Aggarwal, T R Anand, Ravi Shankar Bommakanti, Murali V and Hari T.

Summary of the transactions and balances with the above related parties is as follows:

Transactions:


Rs. in crores
	Year ended March 31,
	2007		2006

Sales:
Subsidiaries		6.24		5.30
JVs		—		0.25

		6.24		5.55

Outsourcing:
Subsidiaries		55.61		31.57
JVs		40.01		37.35
Associates		—		6.25

		95.62		75.17

Other Services:
Subsidiaries		2.19		2.30
JVs		2.05		1.65

		4.24		3.95

Interest
JVs		0.02		0.03


Fixed Assets :
Subsidiaries		0.02		—
JVs		0.89		—
Associates		—		5.53

		0.91		5.53

Satyam Computer Services Limited


Rs. in crores
	Year ended March 31,
	2007		2006

Investments:
Subsidiaries		9.83		8.68

Advances:
Subsidiaries		57.36		—
JVs		—		0.50
Others		5.00		0.71

		62.36		1.21

Contributions:
Others		3.48		3.62

Balances :


Rs. in crores

	As at March 31,
	2007			2006

Accounts Receivable:
Subsidiaries		4.15	^*		4.38	^*
JVs		0.23			0.25

		4.38			4.63

Payables:
Subsidiaries		31.53			9.22
JVs		11.48			8.21

		43.01			17.43

Investments:
Subsidiaries		190.44	^*		145.03	^*
JVs		10.71			10.71

		201.15			155.74

Advances and share application money:
Subsidiaries		44.96	^*		5.18	^*
JVs		—			0.53
Others		5.72			0.71

		50.68			6.42


*		Net of provisions made

Transactions with Directors and Key Managerial Personnel


Rs. in crores
	Year ended March 31,
	2007		2006

Remuneration to Whole—time Directors		2.27		0.93
Remuneration to Key Managerial Personnel		19.47		19.34
Professional charges to Director		0.87		0.99
Advances to Key Managerial Personnel		1.28		1.06

Balances due to / from Directors and Key Managerial Personnel


Rs. in crores
	As at March 31,
	2007		2006

Remuneration Payable to Whole—time Directors		0.45		0.22
Remuneration Payable to Key Managerial Personnel		0.80		0.65
Advances due from Key Managerial Personnel		0.09		0.34
Professional charges payable to Director		0.87		0.31

Satyam Computer Services Limited

Maximum indebtedness from Key Managerial Personnel during the year was Rs.1.62 crores (2006 — Rs.1.24 crores)

Options granted and outstanding to the Key Managerial Personnel 1,973,632 {includes 112,163 options granted under ASOP — ADS and 55,000 options granted under ASOP — RSUs (ADS)} (2006 — 3,786,068 {includes 201,640 options granted under ASOP — ADS}).

Options granted and outstanding to Director 1,050,720 {includes 1,025,720 options granted under ASOP — ADS and 25,000 options granted under ASOP — RSUs (ADS)} (2006 — 1,174,704 {includes 1,064,704 options granted under ASOP — ADS}).

(i)

Obligation on long term non—cancelable operating leases

The Company has entered into operating lease agreements for its development centers at offshore, onsite and offsites ranging for a period of 3 to 10 years. The lease rentals charged during the year and maximum obligations on long—term non—cancelable operating leases payable as per the rentals stated in respective agreements are as follows:


Rs. in crores
	Year ended March 31,
	2007		2006

Lease rentals (Refer Schedule 14)		88.07		68.73



As at March 31,
	2007		2006

Obligations on non—cancelable leases:
Not later than one year		18.62		17.35
Later than one year and not later than five years		14.87		13.16
Later than five years		1.43		1.85

Total		34.92		32.36

(j)

Earnings per Share

At the annual general meeting held on August 21, 2006, the shareholders approved a 1:1 bonus issue for all shareholders including the ADS holders i.e. one additional equity share for every one existing share held by the members by utilizing a part of the general reserves. The record date for the bonus issue was October 10, 2006 and shares were allotted on October 11, 2006. All basic and diluted shares used in determining earnings per share are after considering the effect of bonus issue.

Calculation of EPS (Basic and Diluted):



		Year ended March 31,
S.No.	Particulars	2007		2006

Basic
1.	Opening no. of shares		648,899,078		638,530,582
2.	Total Shares outstanding		654,853,959		643,784,984
3.	Profit after Taxation (Rs. in crores)		1,423.23		1,239.75
4.	EPS (Rs.)		21.73		19.26
Diluted
5.	Stock options outstanding		14,851,466		25,841,880
6.	Total shares outstanding (including dilution)		669,705,425		669,626,864
7.	EPS (Rs.)		21.25		18.51

Satyam Computer Services Limited

(k)

Commitments and Contingencies

	i)		Bank Guarantees outstanding Rs. 98.56 crores (2006 — Rs. 58.95 crores).

	ii)		Contracts pending execution on capital accounts, net of advances, Rs. 158.07 crores (2006 — Rs. 114.07 crores).

	iii)		Forward & Option Contracts outstanding Rs. 1,978.98 crores (Equivalent US$452.63 millions) {2006 — Rs. 966.36 crores (Equivalent US$216.00 millions)}.Gain/(Loss) on foreign exchange forward contracts which are included under the head gain/(loss) on exchange fluctuation in the profit and loss account amounted to Rs. 26.64 crores {2006 — (Rs. 3.75 crores)}.

	iv)		Claims against the Company not acknowledged as debts

•

Income tax and Sales tax matters under dispute — Rs. 22.03 crores (2006 — Rs. 20.38 crores).

	v)		Contingent consideration payable in respect of acquired subsidiary companies Rs. 75.56 crores (2006 — Rs. 101.72 crores).

	vi)		Nipuna Services Limited (a wholly owned subsidiary—Nipuna) issued 45,669,999 and 45,340,000 0.05% Convertible Redeemable Cumulative Preference Shares of par value Rs.10 each fully paid—up in October 2003 and June 2004 respectively to Olympus BPO Holdings Ltd. and Intel Capital Corporation (“Preference shareholders”) for an aggregate consideration of Rs. 91.01 crores (equivalent to US$20 millions). These Preference shares are to be mandatorily converted into such number of equity shares latest by June 2007 or redeemed based on certain provisions in the agreement entered with the preference shareholders relating to revenues and profits earned up to March 31, 2006. The said preference shares, if not converted or early converted at the option of the preference shareholders based on certain triggering events, are redeemable on maturity in June 2007 at a redemption premium, which could range in between 7.5% to 13.5% p.a.

On November 20, 2006, a Share Purchase, Redemption and Amendment Agreement (“SPRA Agreement”) was entered into between the Company, the preference shareholders and Nipuna. Out of the total preference shares, 50% of the preference shares of Rs. 45.51 crores (Equivalent US$10 million) would be redeemed for Rs. 60.10 crores (Equivalent US$13.6 million) at the target date on May 21, 2007 and the balance 50% would get converted into equity shares of Nipuna based on the terms of the existing subscription agreement. The preference shareholders gave Nipuna a Notice of Conversion of Preference Shares and in January 2007, 45,505,000 preference shares have converted into 6,422,267 equity shares of Nipuna.

Further as per the SPRA Agreement, the Company agrees to purchase and the preference shareholders agree to sell these equity shares at an aggregate purchase price based on a formula. If the share purchase closing occurs on or before the share purchase target date (May 21, 2007) then the purchase price would range from a minimum of Rs. 152.57 crores (Equivalent US$35 million) to maximum of Rs. 196.16 crores (Equivalent US$45 million), however if an acceleration event occurs the purchase price would equal Rs. 196.16 crores (Equivalent US$45 million). If the share purchase closing occurs after the share purchase target date then the purchase price shall not be less than Rs. 152.57 crores (Equivalent US$35 million) however if an acceleration event occurs the purchase price shall not be less than Rs. 196.16 crores (Equivalent US$45 million). This is subject to fulfillment of terms and conditions specified in the agreement and obtaining necessary approvals from appropriate authorities. As of March 31, 2007, an acceleration event has occurred.

The Company has guaranteed payment of all sums payable by Nipuna to the preference shareholders on redemption of the said preference shares.

vii)

The Company has given a corporate guarantee on behalf of a subsidiary for the loan obtained amounting to maximum of Rs. 87.18 crores (2006 — Rs. 89.24 crores) (Equivalent US$20 million).

viii)

The Company had filed a request for arbitration with the London Court of International Arbitration (“LCIA”) naming Venture Global Engineering LLC, USA (“VGE”) as respondent. The Arbitration concerned a dispute between the Company and VGE in connection with their joint venture Satyam Venture Engineering Services Private Limited (“SVES”).

The LCIA Arbitrator issued its Final Award on April 3, 2006 in favour of the Company. The Company has filed a petition to recognize and enforce the Award in the United States District Court in Michigan. VGE has separately filed a declaratory judgment action seeking to refuse enforcement of the Award in the United States District Court in Illinois. Management believes that this will not have any adverse effect upon the Company’s results of operations, financial condition and cash flows.

Satyam Computer Services Limited

(l)

The Gratuity Plan

The following table sets forth the status of the Gratuity Plan of the Company, and the amounts recognized in the balance sheet and profit and loss account.


Rs. in crores
	Year ended
	March 31, 2007

Projected benefit obligation at the beginning of the year		35.08
Current service cost		8.77
Interest cost		2.30
Actuarial loss/(gain)		6.44
Benefits paid		(5.25	)

Projected benefit obligation at the end of the year		47.34

Amounts recognised in the balance sheet
Projected benefit obligation at the end of the year		47.34
Fair value of plan assets at end of the year

Funded status of the plans — ( asset )/ liability		47.34
Liability recognised in the balance sheet		47.34

Gratuity cost for the year
Current service cost		8.77
Interest cost		2.30
Net actuarial (gain)/loss recognised in the year		6.43

Net gratuity cost		17.50

Assumptions
Discount rate		8.00	%
Long—term rate of compensation increase		7.00	%

Note: This being the first year of disclosure, previous year figures have not been furnished.

(m)

Provision for Leave encashment

Effective April 1, 2006, the Company adopted the revised accounting standard on employee benefits. Pursuant to the adoption, the transitional obligations of the Company amounted to Rs. 26.33 crores. As required by the standard, an amount of Rs. 17.47 crores (net of related deferred tax of Rs. 8.86 crores) has been adjusted against general reserves.

(n)

Other Information

The Company is engaged in the development of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and the information as required under Paragraphs 3 and 4C of Part II of Schedule VI of the Companies Act, 1956.

Satyam Computer Services Limited

(ii)

Computation of Net Profit in accordance with Section 349 of the Companies Act, 1956 and calculation of commission payable to Directors.


Rs. in crores
Year ended March 31,
	2007		2006

Profit after tax from ordinary activities		1,423.23		1,239.75
Add:
Managerial Remuneration		2.87		1.49
Director’s sitting fees		0.04		0.04
Depreciation as per Profit and Loss Account		129.89		122.81
Loss on sale of fixed assets (net) as per Profit and Loss Account		0.79		0.83
Provision for doubtful debts and advances		19.33		11.71
Wealth tax		0.17		0.06
Provision for taxation		150.00		206.13
Less:
Profit on sale of long term investments		—		262.83
Depreciation as per Section 350 of the Companies Act, 1956		129.89		122.81
Loss on sale of fixed assets (net) as per Section 350 of the Companies Act, 1956		0.79		0.83


Net Profit in accordance with Section 349 of the Companies Act, 1956		1,595.64		1,196.35


Commission to Chairman/Managing Director restricted to		0.35		0.35
Commission to Non-executive Directors @ 1% of Net Profit u/s 349, restricted to		0.60		0.56

(iii)

Auditors’ Remuneration:


Rs. in crores
	Year ended March 31,
	2007		2006

Statutory audit		2.40		1.00
Tax audit		0.08		0.08
Other services		1.18		0.06
Out of pocket expenses		0.01		0.01

(iv)

Earnings in foreign exchange (on receipt basis):


Rs. in crores
	Year ended March 31,
	2007		2006

Income from software development services		4,728.55		3,855.36

Satyam Computer Services Limited

(v)

C.I.F. value of imports:


Rs. in crores
	Year ended March 31,
	2007		2006

Capital goods		90.80		61.02

(vi)

Expenditure in foreign currency (on payment basis):


Rs. in crores
	Year ended March 31,
	2007		2006

Traveling expenses		124.19		90.92
Expenditure incurred at overseas branches		2,910.64		1,959.17
Others		60.29		71.97

(o)

The financial statements are represented in Rs. crores. Those items which were not represented in the financial statement due to rounding off to the nearest Rs. crores is given below:

(p)

Dividends remitted in foreign currency:

The Company does not make any direct remittances of dividends in foreign currency. The Company remits equivalent of the dividend payable to the holders of ADS in Indian Rupees to the depository bank, which is the registered shareholder on records for all owners of the Company’s ADS. The depository bank purchases the foreign currencies and remits dividend to the ADS holders. The Company remitted Rs. 45.35 crores during the year (2006 — Rs. 32.09 crores).

(q)

Reclassification:

Figures for the corresponding year have been regrouped, recast and rearranged to conform to those of the current year wherever necessary.

Satyam Computer Services Limited

Cash Flow Statement for the Year ended March 31, 2007


				Rs. in Crores

	Year ended			Year ended
	31.03.2007			31.03.2006


A. Cash Flows from Operating Activities
Net Profit before Interest and Tax		1,431.07			1,332.76
Profit on sale of Shares in Sify Limited		—			(262.83	)
Depreciation		129.89			122.81
Loss on sale of Fixed Assets		0.79			0.83

Cash generated before changes in Working Capital		1,561.75			1,193.57


(Increase)/Decrease in Sundry Debtors		(527.04	)		(357.64	)
(Increase)/Decrease in Loans and Advances		(78.51	)		(62.85	)
Increase/(Decrease) in Current Liabilities and Provisions		232.39			169.57
Income Taxes Paid		(149.53	)		(155.84	)
Exchange differences on translation of foreign currency cash and cash equivalents		(9.23	)		(1.20	)

Net Cash Flow from Operating Activities		1,029.83			785.61


B. Cash Flows used in Investing Activities
Purchase of Fixed Assets		(345.82	)		(234.27	)
Purchase of Long term Investments		(32.76	)		(78.81	)
Proceeds from sale of Shares in Sify Limited		—			228.24
Proceeds from sale of Fixed Assets		1.36			1.33
Proceeds from maturity of Long Term Deposits		1,795.50			—
Investment in Long Term Deposits		(3,308.41	)		—
Interest accrued / income received		211.55			29.66

Net Cash Flow used in Investing Activities		(1,678.58	)		(53.85	)


C. Cash Flows from Financing Activities
Proceeds from issue of share capital		293.74			138.08
Receipt of Share Application money, pending allotment		7.85			1.78
Proceeds from Secured Loans		10.24			10.48
Repayment of Secured Loans		(9.01	)		(7.78	)
Advance to Joint Venture Company		—			(0.50	)
Financial expenses paid		(7.61	)		(2.72	)
Payment of Dividend		(261.11	)		(183.28	)

Net Cash Flow from/(used) Financing Activities		34.10			(43.94	)


D. Exchange differences on translation of foreign currency cash and cash equivalents		9.23			1.20


Net (Decrease)/Increase in Cash and Cash equivalents during the year		(605.42	)		689.02
Cash and Cash equivalents at the beginning of the year		1,256.83			567.81

Cash and Cash equivalents at the end of the year		651.41			1,256.83


Supplementary Information
Cash and Bank Balances		3,959.82			3,052.33

Less: Long Term Deposits with Scheduled Banks considered as investment		3,308.41			1,795.50


Balance considered for Cash Flow Statement		651.41			1,256.83


The balance of Cash and Cash equivalents include amounts set aside for payment of dividends		6.33			5.05

Figures for the corresponding year have been regrouped, recast and rearranged to conform to those of the current year wherever necessary.


This is the Cash Flow Statement referred to in our report of even date. for and on behalf of the Board of Directors

S. Gopalakrishnan	B. Ramalinga Raju	B. Rama Raju
Partner	Chairman	Managing Director
for and on behalf of
Price Waterhouse
Chartered Accountants

	V. Srinivas	G. Jayaraman
	Director	Sr. Vice President (Corp. Governance)
	& Sr. Vice President — Finance	& Company Secretary

Place: Secunderabad		Place: Secunderabad
Date: April 20, 2007		Date: April 20, 2007

EX-99.5 6 u92989exv99w5.htm EX-99.5 CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 32, 2007 UNDER INDIAN GAAP (AUDITED). exv99w5

Exhibit 99.5

Satyam Computer Services Limited

Description of Business

Satyam Computer Services Limited and its consolidated subsidiaries, Joint Ventures and Associates (hereinafter referred to as “Satyam”) are engaged in providing information technology services, developing software products and business process outsourcing.

Satyam Computer Services Limited (hereinafter referred to as “Satyam Computer Services”) is an information technology (“IT”) services provider that uses a global infrastructure to deliver value-added services to its customers, to address IT needs in specific industries and to facilitate electronic business, or eBusiness, initiatives. Satyam Computer Services was incorporated on June 24, 1987 in Hyderabad, Andhra Pradesh, India. Satyam Computer Services has offshore development centers located throughout India that enables it to provide high quality and cost-effective solutions to clients. It also has offsite centers located in the Australia, Canada, China, Dubai, Germany, Hungary, Japan, Malaysia, Singapore, United Kingdom and United States. The range of services offered by it, either on a “time and material” basis or “fixed price”, includes consulting, systems design, software development, system integration and application maintenance. Satyam Computer Services offers a comprehensive range of IT services, including software development, packaged software integration, system maintenance and engineering design services. Satyam Computer Services has established a diversified base of corporate customers in a wide range of industries including insurance, banking and financial services, manufacturing, telecommunications, transportation and engineering services.

Nipuna Services Limited (“Nipuna”) a wholly owned subsidiary of Satyam Computer Services is engaged in providing Business Process Outsourcing services covering HR, Finance & Accounting, Customer Contact (Voice, Mail and Chat), and Transaction Processing (industry-specific offerings).

Statement on Significant Accounting Policies

a) Basis of Consolidation

The Consolidated Financial Statements include the accounts of Satyam Computer Services and its subsidiary companies. Subsidiary companies are those in which Satyam Computer Services, directly or indirectly, have an interest of more than one half of the voting power or otherwise have power to exercise control over the operations. Subsidiaries are consolidated from the date on which effective control is transferred to the Group and are no longer consolidated from the date of disposal.

All inter company transactions, balances and unrealized surpluses and deficits on transactions between Group companies are eliminated. Consistency in adoption of accounting polices among all group companies is ensured to the extent practicable. Separate disclosure is made of minority interest.

Investments in Business entities over which the company exercises joint control are accounted for using the proportionate consolidation except where the control is considered to be temporary. Investment in associates are accounted for using the equity method.

On occasion, a subsidiary or associated company accounted for by the equity method (“offering company”) may issue its shares to third parties as either a public offering or private placement at per share amounts in excess of or less than Satyam’s average per share carrying value. With respect to such transactions, the resulting gains or losses arising from the dilution of interest are recorded as Capital Reserve/Goodwill. Gain or losses arising on the direct sales by Satyam of its investment in its subsidiaries or associated companies to third parties are transferred to Profit and Loss Account. Such gains or losses are the difference between the sale proceeds and net carrying value of investments.

Minority Interest in subsidiaries represents the minority shareholders proportionate share of net assets and the net income of Satyam’s majority owned subsidiaries.

b) Use of Estimates

Satyam Computer Services Limited

c) Revenue Recognition

i) IT Services

Revenue from professional services consist primarily of revenue earned from services performed on a “time and material” basis. The related revenue is recognized as and when the services are performed. Satyam Computer Services also performs time bound fixed-price engagements, under which revenue is recognized using the percentage of completion method of accounting. The cumulative impact of any revision in estimates of the percentage of work completed is reflected in the year in which the change becomes known. Provisions for estimated losses on such engagements are made during the year in which a loss becomes probable and can be reasonably estimated.

Unearned revenue is calculated on the basis of the unutilized period of time at the Balance Sheet and represents revenue which is expected to be earned in future periods in respect of internet, e-mail services, electronic data interchange and web hosting services.

ii) Business Process Outsourcing

Revenue from per engagement services is recognized based on the number of engagements performed. Revenues from per time period services are recognized based on the time incurred in providing services at contracted rates. Revenue from per incident services is based on the performance of specific criteria at contracted rates.

d) Foreign Currency Transactions/Translations

Transactions in foreign currency are recorded at exchange rate prevailing on the date of transaction.

Monetary assets and liabilities denominated in foreign currency are translated at the rate of exchange at the balance sheet date and resultant gain or loss is recognized in the profit and loss account.

Non-monetary assets and liabilities are translated at the rate prevailing on the date of transaction.

The operations of foreign branches of the company are of integral in nature and the financial statements of these branches are translated using the same principles and procedures of head office.

Gains/losses on settlement of transaction arising on cancellation or renewal of such a forward exchange contract is recognized as income or as expense for the period.

Foreign subsidiaries are non-integral in nature. Assets and Liabilities of such subsidiaries are translated at the year end exchange rate, income and expenditure are translated at the average rate during the period. The resultant translation adjustment is reflected as a separate component of shareholders’ funds as a ‘Currency Translation Reserve’.

e) Fixed Assets

Gains/losses arising on foreign exchange liabilities incurred for the purpose of acquiring fixed assets are adjusted in the carrying amount of the respective fixed assets.

Satyam Computer Services Limited

acquired for less than Rs. 5,000 are entirely depreciated in the year of acquisition.

Costs of application software for internal use are generally charged to revenue as incurred due to its estimated useful lives being relatively short, usually less than one year.

The estimated useful lives are as follows:


		Estimated useful lives

Buildings		28 years
Computers		2 years
Plant and Machinery (Other than Computers)		5 years
Software — used in Development for Projects		3 years
Office Equipment		5 years
Furniture, Fixtures and Interiors		5 years
Vehicles		5 years

Depreciation on assets acquired under a finance lease is provided using the straight-line method over the shorter of the lease term or the useful life of the asset.

Assets under installation or under construction as at the Balance sheet date are shown as capital work in progress. Advances paid towards acquisition of assets are also included under capital work in progress.

f) Goodwill and Other Intangible Assets

g) Investments

h) Inventories

Inventories are stated at the lower of cost and net realizable value. Cost of hardware and software purchased for the purpose of resale is determined using the first-in-first-out method.

i) Employee Benefits

Contributions to defined schemes such as Provident Fund, Employee State Insurance Scheme and Superannuation are charged as incurred on accrual basis. Satyam Computer Services also provides for gratuity and leave encashment in accordance with the requirements of revised Accounting Standard — 15 “Employee Benefits”.

j) Taxes on Income

Tax expense for a year comprises of current tax and deferred tax. Current taxes are measured at the amounts expected to be paid using the applicable tax rates and tax laws. Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the profit and loss account in the year of change. Deferred tax assets and deferred tax liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss carry forwards.

Satyam Computer Services Limited

k) Earnings Per Share

The earnings considered in ascertaining Satyam’s Earnings Per Share comprises the net profit after tax (and includes the post tax effect of any extra ordinary items). The number of shares used in computing Basic EPS is the weighted average number of shares outstanding during the year. The number of shares used in computing Diluted EPS comprises of weighted average shares considered for deriving Basic EPS, and also the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as at the beginning of the year, unless they have been issued at a later date. The diluted potential equity shares have been adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). The number of shares and potentially dilutive shares are adjusted for share splits/reverse share splits and bonus shares, as appropriate.

l) Associate Stock Option Scheme

Stock options granted to the employees under the stock option schemes established after June 19, 1999 are evaluated as per the accounting treatment prescribed by Employee Stock Option Scheme and Employee Stock Purchase Scheme Guidelines 1999 issued by Securities and Exchange Board of India. Accordingly the excess of market value of the stock options as on the date of grant over the exercise price of the options is recognized as deferred employee compensation and is charged to profit and loss account on graded vesting basis over the vesting period of the options. The un-amortized portion of the deferred employee compensation is shown under Reserves and Surplus.

m) Research and Development

n) Miscellaneous Expenditure

Miscellaneous expenditure is charged to profit and loss account in the period/year in which it is incurred irrespective of its enduring benefit available in future.

Satyam Computer Services Limited
Consolidated Balance Sheet as at March 31, 2007


Rs. in crores
	Schedule		As at		As at
	Reference		31.03.2007		31.03.2006


I. Sources of Funds :
1. Shareholders’ Funds
(a) Share Capital		1		178.94		155.90
(b) Share application money, pending allotment				7.85		1.78
(c) Reserves and Surplus		2		5,565.81		4,159.57

				5,752.60		4,317.25

2. Minority Interest				—		4.15

3. Loan Funds
Secured Loans		3		147.88		102.71

				5,900.48		4,424.11


II. Application of Funds :
1. Fixed Assets		4
(a) Gross Block				1,505.44		1,317.21
(b) Less: Depreciation				984.79		840.21

(c) Net Block				520.65		477.00
(d) Capital Work in Progress				301.69		80.25

				822.34		557.25

2. Investments		5		—		—

3. Deferred Tax Assets (net)		6		43.67		4.62

4. Current Assets, Loans and Advances
(a) Inventories		7		0.02		0.19
(b) Sundry Debtors		8		1,743.17		1,168.42
(c) Cash and Bank Balances		9		3,991.42		3,111.70
(d) Loans and Advances		10		229.61		184.32
(e) Other Current Assets
- Interest Accrued on Fixed Deposits				64.91		110.60

				6,029.13		4,575.23

Less: Current Liabilities and Provisions
(a) Liabilities		11		574.53		437.04
(b) Provisions		12		420.13		275.95

				994.66		712.99

Net Current Assets				5,034.47		3,862.24


				5,900.48		4,424.11

Notes to Accounts		18

The Schedules referred to above and the Statement on Significant Accounting Policies form an integral part of the Consolidated Balance Sheet.

This is the Consolidated Balance Sheet referred for and on behalf of the Board of Directors
to in our report of even date.



S. Gopalakrishnan	B. Ramalinga Raju	B. Rama Raju
Partner	Chairman	Managing Director

for and on behalf of
Price Waterhouse
Chartered Accountants

	V. Srinivas	G.Jayaraman
	Director	Sr. Vice President (Corp. Governance)
	& Sr. Vice President — Finance	& Company Secretary

Place : Secunderabad		Place : Secunderabad
Date : April 20, 2007		Date : April 20, 2007

Satyam Computer Services Limited
Consolidated Profit and Loss Account for the Year ended March 31, 2007


Rs. in crores
	Schedule		Year ended			Year ended
	Reference		31.03.2007			31.03.2006


Income
Services
- Exports				6,188.12			4,596.74
- Domestic				296.96			195.85
Other Income		13		183.28			333.25

				6,668.36			5,125.84


Expenditure
Personnel Expenses		14		3,857.93			2,804.70
Cost of Software and Hardware sold		15		2.27			2.00
Operating and Administration Expenses		16		1,087.17			819.71
Financial Expenses		17		15.92			5.54
Depreciation				148.44			137.28
Miscellaneous Expenditure Written Off				—			0.07

				5,111.73			3,769.30


Profit Before Taxation				1,556.63			1,356.54
Provision for Taxation — Current				169.38			191.98
- Fringe Benefit				12.89			9.46
- Deferred				(30.26	)		6.04

Profit After Taxation and Before share of loss in associate company and Minority Interest				1,404.62			1,149.06

Share of loss in associate company				—			(7.88	)
Minority Interest				0.12			0.55

Profit After Taxation and share of loss in associate company and Minority Interest				1,404.74			1,141.73

Add: Balance brought forward from previous year				2,008.48			1,252.80
Less: Residual dividend and additional dividend tax				(0.56	)		1.23


Profit Available for Appropriation				3,413.78			2,393.30
Appropriations:

Interim Dividend @ Re. 1.00 per Equity Share of Rs. 2.00 each (2006 — Rs. 2.00 per Equity Share)				65.61			64.46
Final Dividend @ Rs. 2.50 per Equity Share of Rs. 2 each (2006 — Rs. 5.00 per Equity Share)				166.80			163.87
Dividend paid by subsidiary to minority interest				—			0.47
Tax on distributed profits				37.55			32.02
Transfer to General Reserve				142.32			124.00

Balance carried to Balance Sheet				3,001.50			2,008.48


Earnings Per Share (Rs. per equity share of Rs. 2 each)
Basic				21.45			17.73
Diluted				20.98			17.05

No. of Shares used in computing Earnings Per Share
Basic				654,853,959			643,784,984
Diluted				669,705,425			669,626,864

Notes to Accounts		18

The Schedules referred to above and the Statement on Significant Accounting Policies form an integral part of the Consolidated Profit and Loss Account.

This is the Consolidated Profit and Loss Account for and on behalf of the Board of Directors
referred to in our report of even date.



S. Gopalakrishnan	B. Ramalinga Raju	B. Rama Raju
Partner	Chairman	Managing Director

for and on behalf of
Price Waterhouse
Chartered Accountants

	V. Srinivas	G. Jayaraman
	Director	Sr. Vice President (Corp. Governance)
	& Sr. Vice President — Finance	& Company Secretary

Place : Secunderabad		Place : Secunderabad
Date : April 20, 2007		Date : April 20, 2007

Satyam Computer Services Limited
Schedules forming part of the Consolidated Balance Sheet


Rs. in crores
	As at			As at
	31.03.2007			31.03.2006


1. Share Capital

Authorised:
800,000,000 (2006 — 375,000,000) Equity Shares of Rs. 2 each		160.00			75.00

100,000,000 0.05% Convertible Redeemable Cumulative Preference Shares of Rs. 10 each		100.00			100.00


Issued and Subscribed :
667,196,009 (2006 — 324,449,539) Equity Shares of Rs.2 each fully paid-up		133.44			64.89

45,504,999 (2006 — 91,009,999) 0.05% Convertible Redeemable Cumulative Preference Shares of Rs. 10 each fully paid-up		45.50			91.01
(Refer note (d) of Schedule 18)

		178.94			155.90


Out of the above:

4,000,000 Equity Shares of Rs. 2 each were allotted as fully paid-up Equity Shares for a consideration other than cash pursuant to the Scheme of Amalgamation with Satyam Enterprise Solutions Limited

468,289,738 (2006 — 140,595,000) Equity Shares of Rs. 2 each were allotted as fully paid-up by way of Bonus Shares by capitalising free reserves of Satyam Computer Services

130,209,472 (2006 — 64,680,600) Equity Shares of Rs. 2 each fully paid-up represent 65,104,736 (2006 — 32,340,300) American Depository Shares

38,116,009 (2006 — 9,909,539) Equity Shares of Rs. 2 each fully paid-up were alloted to associates of Satyam Computer Services pursuant to the Associate Stock Option Plan — B and Associate Stock Option Plan (ADS)



2. Reserves and Surplus

Share Premium Account
As at the commencement of the year		1,028.63			890.94
Add: Received on account of issue of ADS / ASOP		292.55			137.69

		1,321.18			1,028.63


Capital Reserve
As at the commencement of the year		720.14			720.14
Add: Gain on dilution of interest in subsidiary company on its conversion of preference shares to equity shares		45.51			—

		765.65			720.14


General Reserve
As at the commencement of the year		407.15			283.15
Add: Transfer from the Profit and Loss Account		142.32			124.00
Less : Provision for leave encashment (Refer note (q) of Schedule 18)		17.47			—
Less: Utilisation on issue of bonus shares (Refer note (m) of Schedule 18)		65.54			—

		466.46			407.15


Currency Translation Reserve		(5.45	)		(5.35	)

Employee Stock Options Outstanding		180.61			0.52
Less: Deferred Employee Compensation		164.14			—

		16.47			0.52


Balance in Profit and Loss Account		3,001.50			2,008.48


		5,565.81			4,159.57




3. Secured Loans

Bank Overdraft		3.41			4.90
External Commercial Borrowing		45.55			46.62
Working Capital Loans		43.00			25.05
Export Packing Credit		41.76			13.17
Vehicle Loans		14.16			12.97

		147.88			102.71

Satyam Computer Services Limited
Schedules forming part of the Consolidated Balance Sheet

4. Fixed Assets


Rs. in crores
	GROSS BLOCK								DEPRECIATION								NET BLOCK
	As at						As at		As at		For the				As at		As at		As at
DESCRIPTION	01.04.2006		Additions		Deletions		31.03.2007		01.04.2006		year @		Deletions		31.03.2007		31.03.2007		31.03.2006


1. Goodwill		93.79		31.44		—		125.23		—		—		—		—		125.23		93.79

2. Land & Land Development
-Freehold*		31.03		7.21		—		38.24		—		—		—		—		38.24		31.03
-Leasehold		8.13		—		—		8.13		0.02		0.01		—		0.03		8.10		8.11

3. Buildings**		101.76		—		—		101.76		13.24		3.60		—		16.84		84.92		88.52

4. Plant and Machinery		840.84		110.63		2.62		948.85		665.45		112.54		1.59		776.40		172.45		175.39
(Including Computers)

5. Office Equipment		27.45		7.38		0.21		34.62		16.29		4.94		0.02		21.21		13.41		11.16

6. Furniture, Fixtures and Interiors		182.74		26.90		0.18		209.46		132.90		20.69		0.16		153.43		56.03		49.84

7. Vehicles		31.47		12.22		4.54		39.15		12.31		6.80		2.23		16.88		22.27		19.16


Total		1,317.21		195.78		7.55		1,505.44		840.21		148.58		4.00		984.79		520.65		477.00

As at 31.03.2006		1,014.22		316.19		13.20		1,317.21		705.65		139.20		4.64		840.21		477.00		—


*		Includes Rs. 12.24 crores (2006 — Rs. 12.24 crores) in respect of which deed of conveyance is pending.

**		Includes Rs. 38.85 crores (2006 — Rs. 38.85 crores) constructed on leasehold land.

@		Depreciation for the year includes Rs.0.14 crores considered in Currency Translation Reserve due to translation of non-integral foreign subsidiaries.

Satyam Computer Services Limited
Schedules forming part of the Consolidated Balance Sheet

Rs. in crores


		As at 31.03.2007			As at 31.03.2006
5.	Investments

	Long Term
i)	Trade (Unquoted)

	Investment in Associate Companies

	Other Investments

	Jasdic Park Company		0.75			0.75
	(480 Shares of J Yen 50,000 each, fully paid-up)
	Less: Received on liquidation		0.26			0.26
	Less : Provision for diminution		0.49	—		0.49	—


	Intouch Technologies Limited		10.90			10.90
	(833,333 Shares of 20 US cents each, fully paid-up)
	Less : Provision for diminution		10.90	—		10.90	—


	Medbiquitious Services Inc.,		1.57			1.57
	(334,000 shares of ‘A’ series Preferred Stock of US $0.001 each, fully paid-up)
	Less : Provision for diminution		1.57	—		1.57	—


	Avante Global LLC.,		2.54			2.54
	(577,917 class ‘A’ units representing a total value of US $540,750 fully paid-up )
	Less : Provision for diminution		2.54	—		2.54	—


ii)	Non Trade (Unquoted)

	National Savings Certificates,VIII Series
	(Lodged as security with government authorities )			—			—

				—			—

Satyam Computer Services Limited
Schedules forming part of the Consolidated Balance Sheet


					Rs. in crores

		As at			As at
		31.03.2007			31.03.2006


6.	Deferred Tax Assets (net)

	Debtors		11.83			11.02
	Advances		1.43			1.43
	Fixed Assets		(24.13	)		(25.38	)
	Others		54.54			17.55

			43.67			4.62




7.	Inventories

	Traded software and hardware		0.02			0.19




8.	Sundry Debtors (Unsecured)

	Considered good *
	(a) Over six months old		25.95			14.19
	(b) Other debts		1,717.22			1,154.23

			1,743.17			1,168.42
	Considered doubtful		98.53			85.13

			1,841.70			1,253.55
	Less: Provision for doubtful debts		98.53			85.13

			1,743.17			1,168.42

	* Debtors include Unbilled Revenue - Rs. 163.24 crores ( 2006 - Rs. 182.88 crores )



9.	Cash and Bank Balances*

	Cash on hand		0.08			0.14

	Balances with Scheduled Banks
	- on Current accounts		424.29			1,026.92
	- on Deposit accounts		3,371.26			1,909.16
	Unclaimed Dividend Accounts		6.33			5.05

	Balances with Non-Scheduled Banks**
	- on Current Accounts		178.53			126.27
	- on Deposit Accounts		10.93			44.16

			3,991.42			3,111.70

	*Includes unutilised amount of ADS issue proceeds - Rs. Nil ( 2006 - Rs. 262.20 crores )
	**Refer note (i) of schedule18



10.	Loans and Advances

	(Considered good unless otherwise stated)

	Loans and Advances
	Secured - Loans		0.04			0.11

	Unsecured - Advances recoverable in cash or in kind or for value to be received		139.51			108.02
	- Deposits		90.06			76.19
	Considered doubtful - Advances		23.21			17.25

			252.82			201.57
	Less: Provision for doubtful advances		23.21			17.25

			229.61			184.32




11.	Liabilities

	Sundry Creditors
	- Dues to small scale industrial undertakings		—			—
	- Dues to other than small scale industrial undertakings		415.69			330.92
	Advances from Customers		1.74			1.41
	Unearned Revenue		87.52			52.68
	Investor Education Protection Fund - Unclaimed Dividends		6.33			5.05
	Interest accrued but not due on loans		0.47			—
	Other Liabilities		62.78			46.98

			574.53			437.04




12.	Provisions

	Provision for Taxation (Less payments)		62.05			36.94
	Proposed Dividend (Including tax thereon)		195.15			186.85
	Provision for Gratuity and Leave Encashment		162.93			52.16

			420.13			275.95

Satyam Computer Services Limited
Schedules forming part of the Consolidated Profit and Loss Account


				Rs. in crores

		Year ended		Year ended
		31.03.2007		31.03.2006


13.	Other Income

	Interest on Deposits - Gross {Tax Deducted at Source Rs. 37.12 crores} ( 2006 - Rs. 25.96 crores )		167.26		116.24
	Profit on sale of Long Term Investments		—		216.43
	Gain/(Loss) on exchange fluctuations (net)		11.88		(2.10	)
	Provision no longer required written back		—		0.89
	Miscellaneous Income		4.14		1.79

			183.28		333.25




14.	Personnel Expenses

	Salaries and bonus		3,553.42		2,595.48
	Contribution to Provident and other funds		267.44		188.86
	Staff welfare expenses		21.08		20.44
	Employee stock compensation expense		15.99		(0.08	)

			3,857.93		2,804.70




15.	Cost of software and hardware sold

	Opening inventory		0.19		0.19
	Add: Purchases (net of returns)		2.10		2.00
	Less: Closing inventory		0.02		0.19

			2.27		2.00




16.	Operating and Administration Expenses

	Rent		100.75		78.03
	Rates and taxes		26.76		16.23
	Insurance		17.33		14.65
	Travelling and conveyance		397.89		253.70
	Communication		78.70		82.72
	Printing and stationery		9.62		6.91
	Power and fuel		37.89		29.24
	Advertisement		3.92		9.57
	Marketing expenses		64.13		64.56
	Repairs and maintenance
	- Buildings		2.76		1.65
	- Machinery		18.85		11.64
	- Others		29.84		21.23
	Security services		4.97		3.11
	Legal and professional charges		147.52		106.43
	Provision for doubtful debts and advances		19.55		11.83
	Loss on sale of Fixed assets (net)		0.88		0.93
	Directors’ sitting fees		0.04		0.04
	Auditors’ remuneration		4.21		1.69
	Donations and contributions		3.63		3.73
	Subscriptions		3.15		2.15
	Training and development		24.91		16.20
	Research and development		1.29		2.45
	Software charges		21.89		24.50
	Managerial Remuneration
	- Salaries		1.66		0.35
	- Commission		0.95		0.91
	- Contribution to P.F.		0.04		0.04
	- Others		0.23		0.19
	Visa charges		44.74		32.53
	Miscellaneous expenses		19.07		22.50

			1,087.17		819.71




17.	Financial Expenses

	Interest on Export packing credit		0.22		0.04
	Interest on working capital loans		6.31		1.86
	Interest on term loans		1.45		0.49
	Other finance charges		7.94		3.15

			15.92		5.54

Satyam Computer Services Limited

18. Notes to Accounts

List of domestic and foreign subsidiaries, joint ventures and associate considered for consolidation:-


			Extent of holding
		Country of	(%) as at March 31,
Sl. No.	Name of the Company	Incorporation	2007

	Subsidiaries :
1.	Nipuna Services Limited	India		100.00
2.	Satyam Computer Services (Shanghai) Co. Ltd	China		100.00
3.	Satyam Technologies, Inc.	USA		100.00
4.	Knowledge Dynamics Pte.Ltd. ^@	Singapore		100.00
5.	Citisoft Plc. *	UK		100.00
	Associate :
6.	Sify Limited ^#	India		—
	Joint Ventures :
7.	CA Satyam ASP Private Limited	India		50.00
8.	Satyam Venture Engineering Services Private Limited	India		50.00



^@		Knowledge Dynamics has been consolidated with effective date of October 01, 2005, the date of acquisition.

*		Citisoft Plc has been consolidated with effective date of May 12, 2005, the date of acquisition.

^#		Sify Limited ceased to be an associate from November 09, 2005.

The reporting date for all the above companies is March 31 except as following:

	•		Satyam Computer Services (Shanghai) Co. Ltd. — December 31.

	•		Satyam Technologies Inc. — December 31.


			Extent of holding
		Country of	(%) as at March 31,
Sl. No.	Subsidiaries of Knowledge Dynamics Pte Ltd	Incorporation	2007

1.	Info On Demand SDN BHD	Malaysia		100.00
2.	Knowledge Dynamics Private Limited	India		99.99
3.	Knowledge Dynamics USA Inc.	USA		98.00


			Extent of holding
		Country of	(%) as at March 31,
Sl. No.	Subsidiaries of Citisoft Plc.	Incorporation	2007

1.	Citisoft Inc.	USA		100.00

Associate Stock Option Schemes

	1)		Stock Option Scheme of Satyam Computer Services

	i)		Scheme established prior to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999, (SEBI guidelines on Stock Options)

In May 1998, Satyam Computer Services established its Associate Stock Option Plan (the “ASOP”). Satyam Computer Services subsequently established an employee welfare trust called the Satyam Associates Trust (the “Trust”), to administer the ASOP and issued warrants to purchase 6,500,000 equity shares of Rs. 2 each in Satyam Computer Services. In turn, the Trust periodically grants to eligible employees warrants to purchase equity shares held by Trust for the issuance to the employees. The warrants may vest immediately or may vest over a period ranging from two to three years, depending on the employee’s length of service and performance. Upon vesting, employees have 30 days to exercise warrants. The exercise price of the warrants was fixed at Rs. 450 per warrant.

At the 12^th Annual General Meeting held on May 28, 1999, shareholders approved a 1:1 Bonus issue to all shareholders as of August 31, 1999. In order to ensure all its employees receive the benefits of the bonus issue in December 1999, the Trust exercised all its warrants to purchase Satyam Computer Service’s shares prior to the bonus issue using the proceeds obtained from bank loans. Subsequent to this, each warrant entitles the holder to purchase 10 shares of Rs. 2 each of Satyam Computer Services at a price of Rs. 450 per warrant plus an interest component associated with the loan which the Trust assumed, for

Satyam Computer Services Limited

conversion of the warrants it held. The interest component is computed based on fixed vesting period and a fixed interest rate. As this scheme is established prior to the SEBI guidelines on the stock options, there is no cost relating to the grant of options under this scheme.

ii)

Scheme established after SEBI Guidelines on Stock Options

Securities Exchange Board of India (SEBI) issued the Employee Stock Option Scheme and Employee Stock Purchase Scheme Guidelines 1999, which is applicable for all Stock Option Schemes established after June 19, 1999.

Satyam Computer Services established a scheme “Associate Stock Option Plan — B” (ASOP — B) for which 83,454,280 equity shares of Rs. 2 each were earmarked. Upon vesting, associates have 5 years to exercise these shares.

Accordingly, options (net of cancellations) for a total number of 19,976,210 equity shares of Rs. 2 each were outstanding as at March 31, 2007 (2006 — 45,605,388).

Changes in number of options outstanding were as follows:


	Year ended March 31,
Options	2007			2006


At the beginning of the year		45,605,388			53,660,630
Granted	Nil				6,579,552
Exercised		(17,448,659	)		(9,039,604	)
Cancelled		(8,180,519	)		(5,595,190	)
At the end of the year		19,976,210			45,605,388

iii)

Associate Stock Option Plan (ADS)

Satyam Computer Services has established a scheme “Associate Stock Option Plan (ADS)” to be administered by the Administrator of the ASOP (ADS), a committee appointed by the Board of Directors of Satyam Computer Services. Under the scheme 5,149,330 ADS are reserved to be issued to eligible associates with the intention to issue the warrants at a price per option which is not less than 90% of the value of one ADS as reported on NYSE on the date of grant converted into Indian Rupees at the rate of exchange prevalent on the day of grant as decided by the Administrator of the ASOP (ADS). Each ADS represents two equity shares of Rs. 2 each fully paid up. These warrants vest over a period of 1-10 years from the date of the grant. The time available to exercise the warrants upon vesting is as decided by the Administrator of the ASOP (ADS).

Accordingly, options (net of cancellation) for a total number of 1,461,064 ADS (2006 — 1,991,342) representing 2,931,908 equity shares of Rs. 2 each were outstanding as at March 31, 2007 (2006 — 3,982,684).

Changes in number of options outstanding were as follows:


	Year ended March 31,
Options	2007			2006

At the beginning of the year		1,991,342			2,515,802
Granted		20,000			320,430
Exercised		(424,136	)		(664,446	)
Cancelled		(126,142	)		(180,444	)
At the end of the year		1,461,064			1,991,342

iv)

Associate Stock Option Plan — Restricted Stock Units (ASOP — RSUs)

Satyam Computer Services has established a scheme “Associate Stock Option Plan — Restricted Stock Units (ASOP — RSUs)” to be administered by the Administrator of the ASOP — RSUs, a committee appointed by the Board of Directors of Satyam Computer Services. Under the scheme 13,000,000 equity shares are reserved to be issued to eligible associates at a price to be determined by the Administrator which shall not be less than the face value of the share. These RSUs vest over a period of 1-4 years from the date of the grant. The maximum time available to exercise the warrants upon vesting is five years from the date of vesting.

Accordingly, options (net of cancellations) for a total number of 3,293,140 ASOP-RSUs equity shares of Rs. 2 each were outstanding as at March 31, 2007 ( 2006 — Nil ).

Satyam Computer Services Limited


	Year ended March 31,
Options	2007		2006

At the beginning of the year		—		—
Granted		3,293,140		—
Exercised		—		—
Cancelled		—		—
At the end of the year		3,293,140		—

Associate Stock Option Plan — RSUs(ADS) (ASOP — RSUs(ADS))

Satyam Computer Services has established a scheme “Associate Stock Option Plan — RSUs (ADS)” to be administered by the Administrator of the ASOP — RSUs (ADS), a committee appointed by the Board of Directors of Satyam Computer Services. Under the scheme 13,000,000 equity shares minus the number of shares issued from time to time under the Associate Stock Option Plan — RSUs are reserved to be issued to eligible associates at a price to be determined by the Administrator not less than the face value of the share. These RSUs vest over a period of 1-4 years from the date of the grant. The maximum time available to exercise the warrants upon vesting is five years from the date of vesting.

Accordingly, options (net of cancellation) for a total number of 236,620 ASOP-RSUs (ADS) (2006 — Nil) representing 473,240 equity shares of Rs. 2 each were outstanding as at March 31, 2007 (2006 — Nil)


	Year ended March 31,
Options	2007		2006

At the beginning of the year		—		—
Granted		236,620		—
Exercised		—		—
Cancelled		—		—
At the end of the year		236,620		—

Stock Option Scheme of Nipuna Services

In April 2004, Nipuna Services established its Employee Stock Option Plan (the “ESOP”) for its employees. The exercise price is equal to the fair market value on the date of the grant. These options vest over a period ranging from two to four years, starting with 33.33% in the second year, 33.33% in the third year and remaining 33.34% in the fourth year from the date of grant. Upon granting, they are subject to lock in period of one year.


	Year ended March 31,
Options	2007			2006

At the beginning of the year		1,215,506			813,578
Granted		324,000			655,000
Exercised		—			—
Cancelled		(540,804	)		(253,072	)
At the end of the year		998,702			1,215,506

As at March 31, 2007, 998,702 (2006 — 1,215,506), options (net of cancellations) at weighted average exercise price of Rs. 80 being the fair market value per share were outstanding.

Satyam Computer Services Limited

Pro forma disclosure:

In accordance with SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, had the compensation cost for associate stock option plans been recognized based on the fair value at the date of grant in accordance with Black Scholes’ model, the pro forma amounts of Satyam’s net profit and earnings per share would have been as follows:


		Year ended March 31,
	Particulars	2007		2006

1.	Profit After Taxation and share of loss in associate company (Rs. in crores )
	- As reported (Rs. in crores )		1,404.74		1,141.73
	- Pro forma (Rs. in crores )		1,354.56		1,044.09

2.	Earnings Per Share:
	Basic
	- No. of shares		654,853,959		643,784,984
	- EPS as reported (Rs.)		21.45		17.73
	- Pro forma EPS (Rs.)		20.68		16.22
	Diluted
	- No. of shares		669,705,425		669,626,864
	- EPS as reported (Rs.)		20.98		17.05
	- Pro forma EPS (Rs.)		20.23		15.59

The following assumptions were used for calculation of fair value of grants:


	Year ended March 31,
	2007		2006

Dividend yield (%)		0.78		0.75
Expected volatility (%)		59.01		58.05
Risk-free interest rate (%)		8.00		7.00
Expected term (in years)		0.96		1.26

Convertible Redeemable Cumulative Preference Shares

Nipuna Services issued 45,669,999 and 45,340,000 0.05% Convertible Redeemable Cumulative Preference Shares of par value Rs.10 each fully paid-up in October 2003 and June 2004 respectively to Olympus BPO Holdings Ltd. and Intel Capital Corporation (preference shareholders) for an aggregate consideration of Rs. 91.01 crores (equivalent to US$20 millions). These Preference shares are to be mandatorily converted/redeemed into such number of equity shares latest by June 2007 based on certain provisions in the agreement entered with the preference shareholders relating to revenues and profits earned up to March 31, 2006. The said preference shares, if not converted or early converted at the option of the preference shareholders based on certain triggering events, are redeemable on maturity in June 2007 at a redemption premium, which could range in between 7.5% to 13.5% p.a. Accordingly, Nipuna has received a notice of conversion of fifty percent of preference shares into equity shares, from its preference share holders, on December 1, 2006. And in January 2007 45,505,000 preference shares have converted into 6,422,267 equity shares of Nipuna. The balance fifty percent preference shares are redeemable at an agreed premium on May 21, 2007. Satyam Computer Services has guaranteed payment of all sums payable by Nipuna to the preference shareholders on redemption of the said preference shares.

Due to the issue of shares by Nipuna Satyam Computer Services’ ownership interest in Nipuna was reduced from 100% as at March 31, 2006 to 76% as at March 31, 2007. The shares issued to the Investors are at amounts per share higher than Satyam Computer Services’ average cost per share. With respect to this transaction, the resulting gain of Rs.45.51 crores during the year ended March 31, 2007 has been recorded as an increase in capital reserve. Since the losses applicable to the minority interest in Nipuna exceeded the minority interest in the equity capital of Nipuna, such excess and further losses have been charged in Satyam’s consolidated statement of income.

Satyam Computer Services Limited

Share application money pending allotment

Amount received from associates of Satyam Computer Services on exercise of stock options, pending allotment of shares is shown as share application money pending allotment.

Secured Loans

Bank Overdraft is secured by way of hypothecation of book debts.

External Commercial Borrowing is secured by way of movable and immovable property.

Working capital loan is secured by way of movable and immovable property.

Export Packing Credit loan is secured by way of hypothecation of book debts.

Vehicles are hypothecated to the Banks as security for the amounts borrowed.

Investments

During May 2005, Satyam Computer Services acquired Citisoft Plc (“Citisoft”), a specialist business and systems consulting firm located in the United Kingdom that has focused on the investment management industry, with operating presence in London, Boston and New York.

Satyam Computer Services acquired 75% of the shareholding in Citisoft for an initial cash consideration of Rs. 62.25 crores (inclusive of acquisition costs) and a deferred consideration of Rs.13.63 crores (equivalent GBP 1.75 million). Satyam Computer Services is also required to pay a maximum earn out consideration amounting to Rs.19.25 crores (equivalent GBP 2.25 million) based on achievement of targeted revenues and profits.

On June 29, 2006, Satyam Computer Services acquired the remaining 25% shareholding for a consideration of Rs. 27.47 crores (equivalent GBP 3.26 million). Satyam Computer Services is also required to pay a maximum earn-out consideration amounting to Rs.30.28 crores (equivalent GBP 3.54 million) based on achievement of targeted revenues and profits and to fund an Employee Benefit Trust (EBT) formed by Citisoft. The obligation to fund the EBT amounting to maximum of Rs. 15.40 crores (equivalent GBP 1.80 million) is contingent on Citisoft achieving certain revenue and profit performance targets. During the quarter ended September 30, 2006, Satyam Computer Services has paid Rs. 7.82 crores (equivalent GBP 0.90 million) to Employee Benefit Trust.

Land

Satyam Computer Services acquired 14.93 acres of land at Hyderabad from Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for an aggregate purchase consideration of Rs.7.21 crores. Non-compliance of certain terms and conditions would attract withdrawal of rebate, which may increase the cost of land.

Satyam Computer Services Limited

Balances with Non-Scheduled Banks


	Rs. In crores
	As at March 31,
Name of the Bank	2007		2006

Balances with Non-Scheduled Banks on Current Accounts
ANZ Grindlays Bank, New York		—		—
Banco Do Brasil, Brazil		0.60		—
Barclays Bank, London		1.37		2.45
Bank of America, Boston		0.40		0.82
Banque Nationale De Paris, Brussels		1.80		—
Banque Nationale De Paris, Euro		—		0.01
Banque Nationale De Paris, Saarbruecken		2.40		0.54
Banque Nationale De Paris, Hague		2.84		3.32
Banque Nationale De Paris, Ireland		1.66		0.42
Banque Nationale De Paris, Italy		0.93		—
Banque Nationale De Paris, France		1.88		1.05
Banque Nationale De Paris, Saudi Arabia		0.19		—
Banque Nationale De Paris, Singapore		0.33		—
Banque Nationale De Paris, Spain		0.60		0.69
Banque Nationale De Paris, Switzerland		0.37		—
Banque Nationale De Paris, Taipei		2.45		2.15
Chase, Canada		0.01		0.05
Chase, Michigan		0.53		0.01
Citibank NA, Bangkok		14.19		11.45
Citibank NA, Chicago		—		1.40
Citibank NA, Denmark		0.58		—
Citibank NA, Dubai		0.08		0.20
Citibank NA, Hong Kong		1.56		0.27
Citibank NA, Hungary		0.18		0.15
Citibank NA, Kuala Lumpur		0.80		0.67
Citibank NA, London		2.25		0.54
Citibank NA, New York		9.42		3.98
Citibank NA, New Zealand		1.37		2.20
Citibank NA, Seoul		10.39		8.27
Citibank NA, Singapore		3.81		2.54
Citibank NA, Johannesburg		2.21		1.51
Citibank NA, Sydney		18.67		6.29
Citibank INTL PLC, Stockholm		0.45		—
Citibank NA, Toronto		2.47		2.24
Commerz Bank, New York		—		—
Dresdner Bank, Saarbruecken		2.82		12.27
Hong Kong and Shanghai Banking Corporation, London		21.09		12.14
Hong Kong and Shanghai Banking Corporation, Shanghai		1.42		1.36
Hong Kong and Shanghai Banking Corporation, Tokyo		3.83		9.79
KSB Bank N V, Brussels		0.95		2.31
Mitsui Sumitomo Bank, Tokyo		0.58		0.65
OCBC Bank, Singapore		0.83		0.30
OCBC Bank, Kuala Lumpur		—		0.11
Pudong Development Bank, Shanghai		—		0.03
Standard Chartered Bank, Singapore		—		—
UBS, Switzerland		7.67		1.39
Unicredit Banca, Italy		0.57		0.90
United Bank, Vienna		39.55		28.71
Wachovia Bank, Atlanta		1.43		1.54
Wachovia Bank, New Jersey		11.00		1.55


		178.53		126.27


Balances held on Deposit Accounts
Banque Nationale De Paris, Singapore		10.09		43.43
Citibank NA, Hungary		0.84		0.73

		10.93		44.16

Segment Reporting

Satyam has adopted AS 17, “Segment Reporting” issued by the Institute of Chartered Accountants of India, which requires disclosure of financial and descriptive information about Satyam’s reportable operating segments. The operating segments reported below are the segments of Satyam for which separate financial information is available and for which operating profit/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. Management evaluates performance based on consolidated revenues and net income for the companies in Satyam Computer Services. Satyam evaluates operating segments based on the following two business groups:

Satyam Computer Services Limited

	•		IT Services, providing a comprehensive range of services, including application development and maintenance, consulting and enterprise business solutions, extended engineering solutions, and infrastructure management services. Satyam Computer Services provides its customers the ability to meet all of their information technology needs from one service provider. Satyam Computer Services’ eBusiness services include designing, developing integrating and maintaining Internet-based applications, such as eCommerce websites, and implementing packaged software applications, such as customer or supply chain management software applications. Satyam Computer Services also assists its customers in making their existing computing systems accessible over the Internet.

	•		BPO, providing Business Process Outsourcing services covering HR, Finance & Accounting, Customer Contact (Voice, Mail and Chat), and Transaction Processing (industry-specific offerings).

Satyam’s operating segment information for the year ended March 31, 2007 and 2006 are as follows:

Business Segment


	Rs. In crores
	Year ended March 31, 2007
Description	IT Services		BPO			Elimination			Total

Revenue
Sales to external customers		6,354.40		130.68			—			6,485.08
Inter Segment Sales		1.13		41.01			(42.14	)		—

Total Revenue		6,355.53		171.69			(42.14	)		6,485.08

Segment result—Profit/(Loss)		1,397.90		(8.63	)		—			1,389.27
Interest expense		7.71		8.21			—			15.92
Other income		183.46		(0.18	)		—			183.28
Income taxes		151.42		0.59			—			152.01

Profit/(Loss) from ordinary activities		1,422.23		(17.61	)		—			1,404.62
Minority Interest		0.12		—			—			0.12

Profit/(Loss) after Tax and share of loss in associate company		1,422.35		(17.61	)		—			1,404.74

Other Segment Information
Capital Expenditure		381.13		36.09			—			417.22
Depreciation		133.73		14.71			—			148.44
Non-cash expenses other than depreciation		36.21		0.21			—			36.42


	Rs. In crores
	Year ended March 31, 2006
Description	IT Services			BPO			Elimination			Total

Revenue
Sales to external customers		4,732.14			60.45			—			4,792.59
Inter Segment Sales		12.76			28.14			(40.90	)		—

Total Revenue		4,744.90			88.59			(40.90	)		4,792.59

Segment result—Profit/(Loss)		1,060.10			(31.27	)		—			1,028.83
Interest expense		2.95			2.59			—			5.54
Other income		332.46			0.79			—			333.25
Income taxes		206.95			0.53			—			207.48

Profit/(Loss) from ordinary activities		1,182.66			(33.60	)		—			1,149.06
Share of loss in associate company		(7.88	)		—			—			(7.88	)
Minority Interest		0.55			—			—			0.55

Profit/(Loss) after Tax and share of loss in associate company		1,175.33			(33.60	)		—			1,141.73

Other Segment Information
Capital Expenditure		319.54			7.62			—			327.16
Depreciation		126.10			11.18			—			137.28
Non-cash expenses other than depreciation		12.54			0.22			—			12.76

Satyam Computer Services Limited

Particulars of Segment Assets and Liabilities


	Rs. In crores
	As at March 31, 2007
Description	IT Services		BPO		Elimination			Total

Segment Assets		3,302.98		169.21		(67.82	)		3,404.37
Investments		18.27		—		(18.27	)		—
Bank Deposits		3,371.84		10.35		—			3,382.19
Other Assets		108.53		0.05		—			108.58

Total Assets		6,801.62		179.61		(86.09	)		6,895.14

Segment Liabilities		943.25		57.18		(67.82	)		932.61
Other Liabilities		78.79		131.14		—			209.93

Total Liabilities		1,022.04		188.32		(67.82	)		1,142.54


	Rs. In crores
	As at March 31, 2006
Description	IT Services		BPO		Elimination			Total

Segment Assets		3,002.79		76.67		(10.90	)		3,068.56
Investments		18.27		—		(18.27	)		—
Bank Deposits		1,909.59		43.73		—			1,953.32
Other Assets		115.22		—		—			115.22

Total Assets		5,045.87		120.40		(29.17	)		5,137.10

Segment Liabilities		663.41		23.54		(10.90	)		676.05
Other Liabilities		51.70		87.95		—			139.65

Total Liabilities		715.11		111.49		(10.90	)		815.70

Geographic Segment

Revenue attributable to location of customers is as follows:


	Rs. In crores
	Year ended March 31,
Geographic location	2007		2006

North America		4,132.28		3,105.68
Europe		1,250.27		907.36
Japan		92.85		67.34
India		296.96		195.85
Rest of the World		712.72		516.36

Total		6,485.08		4,792.59

Segment assets based on their location are as follows:


	Rs. In crores
	Segment Assets				Addition to fixed assets
	As at March 31,				Year ended March 31,
Geographic location	2007		2006		2007		2006

North America		1343.59		1,675.14		4.14		4.73
Europe		544.15		368.13		12.23		6.99
Japan		57.23		48.71		0.30		0.48
India		1102.67		760.38		394.40		310.18
Rest of the World		356.73		216.20		6.15		4.78

Total		3404.37		3,068.56		417.22		327.16

Satyam Computer Services Limited

Related Party Transactions:

Satyam Computer Services had transactions with the following related parties:

Associate: Sify Limited (ceased to exist as an associate w.e.f. November 09, 2005)

Others: Satyam Foundation Trust and Satyam Associate Trust (Enterprises where trustees are spouses of Whole-time Directors and Key Managerial Personnel) and Satyam Associate Trust (Enterprises where some trustees are Key Managerial Personnel).

Directors and Key Management Personnel: B. Ramalinga Raju, B. Rama Raju, Ram Mynampati, Prof. Krishna G Palepu, Abraham Joseph, A.S. Murthy, Mohan Eddy, G.B.Prabhat (partly employed), D. Subramaniam, V.Srinivas, G. Jayaraman, Shailesh Shah, Vijay Prasad Boddupalli, Manish Sukhlal Mehta, Dr. Keshab Panda, Virender Aggarwal, T R Anand, Ravi Shankar Bommakanti, Venkatesh Roddam, M Satyanarayana, Murali V, Hari T, Deepak Mangla (partly employed), Naresh Jhangiani and Seshadri Krishna.

Summary of the transactions and balances with the above related parties is as follows:

Transactions:


Rs. In crores
	Year ended March 31,
	2007		2006

Associate
Outsourcing		—		6.25
Fixed Assets		—		5.53
Other Services		—		0.57
Others
Contributions		3.48		3.62

Balances:


Rs. In crores
	As at March 31,
Others	2007		2006
Advances		5.72		0.71

Transactions with Directors and Key Managerial Personnel


Rs. In crores
	Year ended March 31,
Nature of Transactions	2007		2006

Remuneration to Whole-time Directors		2.27		0.93
Remuneration to Key Managerial Personnel		24.01		22.26
Professional charges to Director		0.87		0.99
Advances to Key Management Personnel		1.58		1.14

Balances due to / from Directors and Key Managerial Personnel


Rs. In crores
	As at March 31,
	2007		2006

Remuneration payable to Whole-time Directors		0.45		0.22
Remuneration payable to Key Management Personnel		0.89		0.73
Advances due from Key Management Personnel		0.19		0.40
Professional charges payable to Director		0.87		0.31

i)		Maximum indebtedness from Key Managerial Personnel during the year was Rs. 1.95 crores (2006 — Rs.1.30 crores).

ii)		Options granted and outstanding to the Key Managerial Personnel 2,972,334 {includes 112,163 options granted under ASOP — ADS and 55,000 options granted under ASOP — RSUs (ADS)} (2006 — 5,001,574 {includes 201,640 options granted under ASOP — ADS}).

Satyam Computer Services Limited

Obligation on long term non-cancelable operating leases

Satyam Computer Services has entered into operating lease agreements for its development centres at offshore, onsite and offsites ranging for a period of 3 to 10 years. The lease rentals charged during the year and maximum obligations on long-term non-cancelable operating leases payable as per the rentals stated in respective agreements are as follows:


Rs. In crores
	Year ended March 31,
	2007		2006

Lease rentals (Refer Schedule 16)		100.75		78.03


	As at March 31,
	2007		2006

Obligations on non-cancelable leases
Not later than one year		20.23		18.49
Later than one year and not later than five years		17.20		14.97
Later than five years		1.43		2.58

Total		38.86		36.04

Earnings Per Share

At the Annual General Meeting of Satyam Computer Services held on August 21, 2006, the shareholders approved a 1:1 bonus issue for all shareholders including the ADS holders i.e. one additional equity share for every one existing equity share held by the members by utilising a part of the general reserves. The record date for the bonus issue was October 10, 2006 and shares were allotted on October 11, 2006. All basic and diluted shares used in determining earnings per share are after considering the effect of bonus issue.

Calculation of EPS (Basic and Diluted):



		Year ended March 31,
S.No.	Particulars	2007		2006

Basic
1.	Opening no. of shares		648,899,078		638,530,582
2.	Total Shares outstanding		654,853,959		643,784,984
3.	Profit after Taxation and share of loss in associate companies (Rs. in crores )		1,404.74		1,141.73
4.	EPS (Rs.)		21.45		17.73
Diluted
5.	Stock options outstanding		14,851,466		25,841,880
6.	Total shares outstanding (including dilution)		669,705,425		669,626,864
7.	EPS (Rs.)		20.98		17.05

The aggregate amounts of the assets, liabilities, income and expenses related to Satyam’s share in joint venture companies that are consolidated and included in these financial statements are as follows:


Rs. In crores
	Year ended March 31,
Description	2007		2006

Income from Sales and Services		38.38		35.04
Other Income		1.97		0.25

Total		40.35		35.29

Personnel expenses		19.57		16.78
Other expenses		12.74		12.03
Interest		0.09		0.18
Depreciation		2.02		1.79

Total		34.42		30.78

Net Profit		5.93		4.51

Satyam Computer Services Limited


Rs. In crores
	As at March 31,
Description	2007		2006

Secured Loans		0.06		0.07
Unsecured Loans		—		0.50
Fixed Assets		2.96		3.79
Inventories		0.02		0.19
Sundry Debtors		12.12		10.48
Cash and Bank Balances		9.84		3.16
Loans and Advances		3.32		6.24
Interest Accrued on Fixed Deposits		0.03		—
Current Liabilities		6.46		4.62
Provisions		0.61		2.33

Commitments and Contingencies

i)		Nipuna Services Limited (a wholly owned subsidiary—Nipuna) issued 45,669,999 and 45,340,000 0.05% Convertible Redeemable Cumulative Preference Shares of par value Rs.10 each fully paid—up in October 2003 and June 2004 respectively to Olympus BPO Holdings Ltd. and Intel Capital Corporation (“Preference shareholders”) for an aggregate consideration of Rs. 91.01 crores (equivalent to US$20 millions). These Preference shares are to be mandatorily converted into such number of equity shares latest by June 2007 or redeemed based on certain provisions in the agreement entered with the preference shareholders relating to revenues and profits earned up to March 31, 2006. The said preference shares, if not converted or early converted at the option of the preference shareholders based on certain triggering events, are redeemable on maturity in June 2007 at a redemption premium, which could range in between 7.5% to 13.5% p.a.

		On November 20, 2006, a Share Purchase, Redemption and Amendment Agreement (“SPRA Agreement”) was entered into between the Company, the preference shareholders and Nipuna. Out of the total preference shares, 50% of the preference shares of Rs. 45.51 crores (Equivalent US$10 million) would be redeemed for Rs. 60.10 crores (Equivalent US$13.6 million) at the target date on May 21, 2007 and the balance 50% would get converted into equity shares of Nipuna based on the terms of the existing subscription agreement. The preference shareholders gave Nipuna a Notice of Conversion of Preference Shares and in January 2007, 45,505,000 preference shares have converted into 6,422,267 equity shares of Nipuna.

		Further as per the SPRA Agreement, Satyam Computer Services agrees to purchase and the preference shareholders agree to sell these equity shares at an aggregate purchase price based on a formula. If the share purchase closing occurs on or before the share purchase target date (May 21, 2007) then the purchase price would range from a minimum of Rs. 152.57 crores (Equivalent US$35 million) to maximum of Rs. 196.16 crores (Equivalent US$45 million), however if an acceleration event occurs the purchase price would equal Rs. 196.16 crores (Equivalent US$45 million). If the share purchase closing occurs after the share purchase target date then the purchase price shall not be less than Rs. 152.57 crores (Equivalent US$35 million) however if an acceleration event occurs the purchase price shall not be less than Rs. 196.16 crores (Equivalent US$45 million). This is subject to fulfillment of terms and conditions specified in the agreement and obtaining necessary approvals from appropriate authorities. As of March 31, 2007 an acceleration event has occurred.

		Satyam Computer Services has guaranteed payment of all sums payable by Nipuna to the preference shareholders on redemption of the said preference shares.

ii)		Bank Guarantees outstanding Rs. 99.46 crores (2006 — Rs. 59.83 crores).

iii)		Contracts pending execution on capital accounts, net of advances, Rs. 164.58 crores (2006 - Rs. 118.89 crores).

iv)		Forward and Options Contracts outstanding Rs. 1,978.98 crores (equivalent US$452.63 millions) {2006 — Rs. 966.36 crores (equivalent US$216.00 millions)}. Gain/ (Loss) on foreign exchange forward contracts which are included under the head gain/ (loss) on exchange fluctuation in the profit and loss account amounted to Rs. 26.64 crores {2006 — (Rs. 3.75 crores)}.

v)		Claims against the company not acknowledged as debts

		Income tax and Sales tax matters under dispute — Rs. 22.03 crores (2006 — Rs. 20.38 crores)

vi)		Arrears on 0.05% Convertible Redeemable Cumulative Preference Shares amounting to Rs. 0.14 crores (2006 — Rs. 0.10 crores).

vii)		Contingent consideration payable in respect of acquired subsidiary companies Rs. 75.56 crores (2006 — Rs. 101.72 crores).

viii)		Satyam Computer Services has given a corporate guarantee on behalf of a subsidiary for the loan obtained amounting to maximum of Rs. 87.18 crores (2006 — Rs. 89.24 crores) (equivalent US$20 millions).

ix)		Satyam Computer Services had filed a request for arbitration with the London Court of International Arbitration (“LCIA”) naming Venture Global Engineering LLC, USA (“VGE”) as respondent. The Arbitration concerned a dispute between Satyam

Satyam Computer Services Limited

Computer Services and VGE in connection with their joint venture Satyam Venture Engineering Services Private Limited (“SVES”).

The LCIA Arbitrator issued his Final Award on April 3, 2006 in favour of Satyam Computer Services. Satyam Computer Services has filed a petition to recognize and enforce the Award in the United States District Court in Michigan. VGE has separately filed a declaratory judgment action seeking to refuse enforcement of the Award in the United States District Court in Illinois. Management believes that this will not have any adverse effect upon Satyam’s results of operations, financial condition and cash flows.

The Gratuity Plan

The following table sets forth the status of the Gratuity Plan of the company, and the amounts recognized in the consolidated balance sheets and profit and loss account.


	Rs. In crores

		Year ended
		March 31, 2007

Projected benefit obligation at the beginning of the year			35.34
Current service cost			8.96
Interest cost			2.32
Actuarial loss/(gain)			6.17
Benefits paid			(5.25	)

Projected benefit obligation at the end of the year			47.54

Amounts recognised in the balance sheet
Projected benefit obligation at the end of the year			47.54
Fair value of plan assets at end of the year			—

Funded status of the plans — (asset )/ liability			47.54
Liability recognised in the balance sheet			47.54

Gratuity cost for the year
Current service cost			8.96
Interest cost			2.32
Net actuarial (gain)/loss recognised in the year			6.19

Net gratuity cost			17.47

Assumptions
Discount rate			8.00	%
Long-term rate of compensation increase			7.00	%

Note: This being the first year of disclosure, previous year figures have not been furnished.

Provision For Leave encashment

Effective April 1, 2006, Satyam Computer Services adopted the revised accounting standard on Employee Benefits. Pursuant to the adoption, the transitional obligations of Satyam Computer Services towards leave encashment amounted to Rs. 26.91 crores. As required by the standard, an amount of Rs. 17.52 crores (net of related deferred tax of Rs. 8.86 crores) has been adjusted against general reserves.

Satyam Computer Services Limited

The financial statements are represented in Rs. crores. Those items which were not represented in the financial statements due to rounding off to the nearest Rs. crores are given below:


	Rs. In lakhs

			As at March 31,
Schedule No.		Description	2007		2006

	5 (ii)	National Saving Certificates, VIII Series (Lodged as security with government authorities)		0.16		0.16

	18(i)	Balances with non-scheduled banks
		ANZ Grindlays Bank, New York		0.09		0.09
		Commerz Bank, New York		0.24		0.24
		Pudong Development Bank, Shanghai		0.35		—
		Standard Chartered Bank, Singapore		—		0.49

Reclassification

Figures for the corresponding year have been regrouped, recast and rearranged to conform to those of the current year wherever necessary.

Satyam Computer Services Limited
Consolidated Cash Flow Statement for the Year ended March 31, 2007


Rs. In crores

		Year ended			Year ended
		31.03.2007			31.03.2006


A.	Cash Flows from Operating Activities
	Net Profit Before Interest and Tax		1,421.16			1,246.03
	Depreciation		148.44			137.28
	Loss on sale of Fixed Assets		0.88			0.93
	Profit on sale of shares in Associate Company		—			(216.43	)
	Minority Interest		(0.12	)		(0.55	)

	Cash generated before changes in Working Capital		1,570.36			1,167.26
	(Increase)/Decrease in Inventories		0.17			—
	(Increase)/Decrease in Sundry Debtors		(574.75	)		(365.77	)
	(Increase)/Decrease in Loans and Advances		(45.29	)		(63.23	)
	Increase/(Decrease) in Current Liabilities and Provisions		212.11			168.55
	Income Taxes Paid		(157.16	)		(154.50	)

	Exchange differences on translation of foreign currency cash and cash equivalents		(9.23	)		(1.20	)

	Net Cash Flow from Operating Activities		996.21			751.11


B.	Cash Flows used in Investing Activities
	Purchase of Fixed Assets		(385.36	)		(246.29	)
	Acquisition of Citisoft Plc, net of cash acquired		(22.59	)		(51.76	)
	Acquisition of Knowledge Dynamics Pte Ltd., net of cash acquired		(3.59	)		(7.02	)
	Proceeds from sale of shares in Associate Company, (net)		—			228.24
	Proceeds from sale of Fixed Assets		2.67			1.66
	Proceeds from Long Term matured Deposits		1,795.50			—
	Investment in Long Term Deposits		(3,308.41	)		—
	Interest income received		212.96			30.11

	Net Cash Flow used Investing Activities		(1,708.82	)		(45.06	)


C.	Cash Flows used in Financing Activities
	Proceeds from issue of Share Capital		293.73			138.08
	Receipt of Share Application money pending allotment		7.85			1.78
	Proceeds from Secured Loans		153.38			111.70
	Repayment of Secured Loans		(108.20	)		(27.95	)
	Financial Expenses Paid		(15.45	)		(5.54	)
	Dividends Paid		(261.12	)		(183.75	)

	Net Cash Flow from Financing Activities		70.19			34.32


D.	Exchange differences on translation of foreign currency cash and cash equivalents		9.23			1.20

	Net Increase/(Decrease) in Cash and Cash equivalents during the year		(633.19	)		741.57
	Cash and Cash equivalents at the beginning of the year		1,316.20			574.63

	Cash and Cash equivalents at the end of the year		683.01			1,316.20


	Supplementary Information

	Cash and Bank Balances as per Balance sheet		3,991.42			3,111.70
	Less: Long Term Deposits with Scheduled Banks considered as Investments		3,308.41			1,795.50

	Balance considered for Cash Flow Statement		683.01			1,316.20


	The balance of Cash and Cash equivalents include amounts set aside for payment of dividends		6.33			5.05



Figures for the corresponding year have been regrouped, recast and rearranged to conform to those of the current year wherever necessary.


This is the Consolidated Cash Flow Statement referred to in our report of even date.	For and on behalf of the Board of Directors

S. Gopalakrishnan	B. Ramalinga Raju	B. Rama Raju
Partner	Chairman	Managing Director

for and on behalf of
Price Waterhouse
Chartered Accountants

	V. Srinivas	G. Jayaraman
	Director & Sr. Vice President — Finance	Sr. Vice President (Corp. Governance)
		& Company Secretary

Place : Secunderabad Date : April 20, 2007		Place : Secunderabad Date : April 20, 2007

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Schedule No.

Description

Rs. in lakhs

National Saving Certificates, VIII Series (Lodged as security with government authorities)