From 2003-2008, in nearly all financial metrics of interest
to investors, the company grew measurably. Satyam
generated USD $467 million in total sales. By
March 2008, the company had grown to USD $2.1 billion.
The company demonstrated “an annual compound
growth rate of 35% over that period”. Operating profits
averaged 21%. Earnings per share similarly grew, from
$0.12 to $0.62, at a compound annual growth rate of 40%.
Over the same period (2003‐2009), the company was
trading at an average trailing EBITDA multiple of 15.36.
Finally, beginning in January 2003, at a share price of
138.08 INR, Satyam’s stock would peak at 526.25
INR—a 300% improvement in share price after nearly
five years. Satyam clearly generated significant corporate