Satyam Computers reported dollar revenue growth of 9.2% to US$449m in 1QFY08, higher than our estimate of US$441m. This was driven by volume growth of 8.1% QoQ and increase of 1.1% in blended pricing. EBITDA margins declined 65bp due to rupee appreciation and visa costs. Net profit declined 3.9% to Rs3.78b due to lower other income of Rs632m, which was impacted by forex losses of Rs65m….

Extensive network of close to 3,200 branches across India, with a large presence in the fast-growing rural and semi-urban regions.

Financial restructuring in FY07 has considerably strengthened the balance sheet, though there is scope for improvement vis-à-vis peers.

Large portfolio of written-off accounts offers significant potential for value unlocking, as the strong economy has buoyed recovery prospects. Profitability would be aided by higher NPA recoveries and lower incremental slippage ratio – key valuation drivers…

Filling in the income tax return form for individuals is a tough task especially for the lay investors notwithstanding the announcements being made about the new returns being very simple. This happens because the forms are difficult to understand unless you are very familiar with the tax terms. Even some chartered accountants are having tough moments in dealing with specific issues related to the fill ing in of these returns…

Wipro’s Q1FY08 revenues grew in line with expectations. Dollar revenues rose 5.1% QoQ to US$ 726mn, ahead of the company’s guidance of US$ 711mn. Disappointingly however, the company witnessed margin pressure during the quarter despite the absence of salary hikes and a significant increase in utilisation rates. With offshore and onsite salary hikes coming in during Q2 and Q4, we expect the margins to remain subdued going forward. We project a YoY decline of 130bps in the operating profit margin, and have hence revised our estimates and target price downwards and moved to a Hold rating on the scrip….

Biocon’s Q1FY08 results were in line with expectations. Sales growth was driven by a strong performance in the biopharma segment, which benefited from a license fee of Rs 150mn-160mn on G-CSF, and increasing traction in the services business..