Showing no signs of the slowdown that has affected its rivals,

Satyam Computer Services

(SAY)

said Thursday that its fourth-quarter net income jumped 51.4%.

Satyam said consolidated net profit rose to $45.7 million in the March quarter, from $29.7 million a year earlier. Total revenue rose 35% to $225 million from $165 million.

The results beat the consensus of analysts polled by Thomson First Call who expected a profit of 24 cents per ADS on sales of $216.45 million.

In the June quarter, the company expects a profit of 27 cents per ADS on revenue ranging from $235 million to $236 million. Analysts were projecting a profit of 27 cent per ADS on revenue of $226.65.

For fiscal 2005, consolidated revenue is expected to be between $1.01 billion and $1.03 billion. Consolidated earnings per ADS for the year are expected to be between $1.22 and $1.25.

Satyam's main Indian rivals,

Infosys Technologies

(INFY) - Get Report

and Tata Consulting Services, which is not traded in the U.S., reported weaker-than-expected quarterly results this month, leading some investors to wonder if the offshoring boom is losing its steam.

Last week, Infosys said its revenue this year would fall between $2.04 billion and $2.07 billion, below analysts' expectations of $2.18 billion. On Tuesday, Tata said earnings for its fourth quarter ended March 31 dropped 34% to $107.8 million.

Executives of Infosys said clients are still distracted by the need to comply with the Sarbanes-Oxley Act, and said several top-tier clients were adjusting to management shifts. Still, the miss was relatively small, and the market reacted more to the company's disappointing guidance. It's worth noting, however, that Infosys tends to be conservative in its guidance, a tendency that may have been reinforced by its plan to move shares from India to the U.S. fairly soon.

Still, there may be some longer-term changes happening in the Indian offshoring market. Speaking privately, one analyst said that there are signs that the market is maturing. Some major U.S. companies may have sent as much work offshore as they need to. Future growth may be somewhat slower as the offshore companies hunt -- and compete -- for new clients.