Satyam Australia and New Zealand has offered an improved economic outlook after inking a number of lucrative agreements.

The company expects an increase in revenue due to recent deals signed with state governments and two financial services firms. According to local managing director Deepak Nangia, Satyam Australia is projected to generate $200 million for the 2009 financial year.

"We're anticipating some of the capex to be dipping in the next couple of quarters. There might be increased spending on clients looking for more operational efficiencies through better business processes, which will lead to business process re-engineering and process transformation programs," added Nangia.

As IT Examiner previously reported, Satyam recently announced plans to dramatically reduce the number of new employees it plans to hire.

The company now expects to recruit 8,000-10,000 workers, rather than the previously named figure of 14,000-15,000. The revised recruiting scheme is reportedly linked to a projected decrease in volumes and a potential financial loss due to adverse cross currency movements. Satyam could also encounter difficulty drumming up business in the depressed consulting and enterprise markets, which generates approximately 44 per cent of its revenue.

However, the company has managed to defy the global economic downturn by reporting a steady increase in profits. Net income rose to 5.81 billion rupees ($119 million), or 8.63 rupees a share, in the three months ending Sept. 30, from 4.09 billion rupees, or 6.12 rupees. Revised forecast earnings are now set at 33.57 rupees to 34.10 rupees a share in the year ending March 31, altering a July projection of 31.83 rupees to 32.35 rupees a share. X

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