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Satyam Computer Services Ltd, a leading global consulting and information technology services provider, has won the coveted Golden Peacock Global Award for Excellence in Corporate Governance for 2008 .NS

Buy Satyam Computer Services with a one-year target price of Rs 440. Satyam reported a strong 8.5% qoq rupee growth aided by 6.7% rupee depreciation during the quarter. On comparing the actual revenues to the guidance after re-basing at Rs 40 (assumed rate for Q1 guidance), it is clear that company has missed the guidance by 1.2-1.7%. Other income was surprisingly higher 44% qoq due to lower than expected forex loss of Rs 363 million reported by the company. This, along with marginally lower tax provision, led to a net profit jump of 17.3% qoq.

Guidance FY09 US GAAP revenue seen at USD 2.65-2.69 billion. FY09 Indian GAAP revenue seen at Rs 11,181-11,363 crore. Q2 US GAAP revenue seen at USD 645.6-651.9 million. FY09 EPS seen at Rs 31.83-32.35. Q2 EPS seen at Rs 7.71-7.78. Dollar guidance maintained. Rupee guidance hiked for rupee alone. Revenues guidance increased to 32-34.1% to Rs 11181 -11363 crore. Revenues EPS increased to 26.1- 28.2% to Rs 31.8 -32.35.

Satyam has announced its Q1 FY09 results. It's net profit was up 17.3% at Rs 548 crore versus Rs 467 crore (QoQ). The net sales was up 8.5% at Rs 2,620.8 crore versus Rs 2,416 crore (QoQ). The company's other income was at Rs 33.12 crore. Its BPO revenue was at Rs 49 crore. The company's Q1 OPM were at 24.1% versus 22.79%.