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Mahindra Satyam net profit up 56% on new deals

HT Correspondent,  Mumbai, August 02, 2012
First Published: 18:54 IST(2/8/2012) | Last Updated: 02:36 IST(3/8/2012)

Beating street expectations, IT firm Mahindra Satyam reported a 56% surge in net profit year-on-year for the April-June quarter at Rs. 352 crore against Rs. 225 crore for the corresponding year-ago period on the back of several multi-million dollar contracts.


The consolidated net revenue grew 31% to Rs. 1,880 crore.

Ridden with corporate fraud, Satyam Computer Services Ltd came into Mahindra fold in 2009 and is now in the process of getting merged with the parent Tech Mahindra.

"With this quarter, we have successfully ended our 3-year transformational journey, recording progress on the back of strong fundamentals, focus and investments," said Vineet Nayyar, chairman, Mahindra Satyam.

"Global business realities continue to be unpredictable. However, we are confident of taking forward our momentum."

In July, Infosys had cut its sales growth forecast for the current fiscal year.

India’s No.1 Tata Consultancy Services, however, beat estimates and said it expected to beat the industry export revenue growth forecast of 11-14% by an industry lobby.

The company said it added 2,643 people in the last quarter, taking its headcount to 35,996 as attrition levels came down to 13.5% from 17.3% a year ago.

Mahindra Satyam share price was flat at R83.65 on the BSE on Thursday.

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