Satyam reduces FY guidance

(By Anthony Miller) Contrary to my expectations after Satyam’s rather upbeat messages at its recent European briefing (see Satyam sees little UK impact from credit crisis), management reduced FY guidance (to March ’09) in US dollar terms in the light of the current financial turmoil. They raised Rupee guidance, however, on the back of more favourable currency rates. At least Satyam made its 2Q numbers (see here) though, like almost everyone else in the industry, sees uncertainty and challenging conditions ahead.

I will be tuning in to this afternoon’s concall and then speaking with Satyam’s UK CEO right afterwards, so I will bring you more detail then. I will also report on HCL’s results from Wednesday. And if you are interested, TCS and Wipro report next Wed. 22nd and Cognizant on 5th Nov. I will then do a “Top Injun” round-up with particular focus on UK/Europe.