The third-largest listed IT company, Satyam Computer Services, moves down three places to #9. Satyam’s revenues in the year ended March 2003 stood at Rs 2,023.64 crore, up 17% over the previous year. However, it reported a 6% decline in net profits to Rs 459.88 crore. Its gross block at Rs 775.89 crore was up 5% over the previous year. Satyam is ranked #3 in sales and profit, #6 in gross block, #18 in sales growth, #27 in profit growth and #44 in gross block growth. Satyam’s ROCE declined marginally from 30.15% in the previous year to 28.84% in fiscal 2003 giving it a #11 rank in the segment. Satyam provides IT consultancy and related services, which includes software development and maintenance services, packaged software implementation and engineering services. Satyam has not been immune to falling billing rates and rupee appreciation, and these factors took a toll on margins during fiscal 2003. Satyam too, like many others in the field, set up a BPO subsidiary called Nipuna during the second half of fiscal 2003.