Indian services provider Satyam saw profits rise 42 per cent to 5.81 billion rupees (£69m) in the quarter ended 30 September, from 4.09 billion rupees (£48m) a year earlier.

But the company has cut its full-year revenue guidance in dollar terms, following a similar move by Infosys earlier in the week as fears of a global slowdown in tech spending spread.

"The second quarter was challenging in many respects, as problems in the US financial industry affected other regions and sectors," said Satyam chairman Ramalinga Raju.

"Despite this background, a heightened focus on operational efficiency, a comprehensive services portfolio and an ability to provide true transformation have enabled Satyam to excel."

The firm said that fiscal 2009 revenue is expected to be between $2.55bn (£1.47bn) and $2.59bn (£1.49bn), implying a growth rate of 19 per cent compared to 21 per cent over fiscal 2008.

Earlier this week Keshab Panda, director and senior European vice president of Satyam, told Computing that the current economic situation had brought the outsourcing focus back to value for many financial services companies.

"There may be a squeeze on IT budgets for one-off projects, but I believe that the outsourcing, service-based consumption model perfectly accommodates the sector's need for greater flexibility in these uncertain times," he said.