Mahindra Satyam Q1 net profit up 130% at Rs 225 cr
IT major Mahindra Satyam on Tuesday posted a 130% year-on-year rise in net profit at Rs 225 crore for the quarter ended June against Rs 98 crore last year.business Updated: Aug 09, 2011 23:08 IST
IT major Mahindra Satyam on Tuesday posted a 130% year-on-year rise in net profit at Rs 225 crore for the quarter ended June against Rs 98 crore last year.
The company was forced to pay Rs 571 crore as a one-time settlement charge to erstwhile Satyam investors in the US. The one-time exceptional payment had resulted in the IT company posting a loss of Rs 327 crore for the quarter ended March.
Revenue grew 14.9% to Rs 1,434 crore during the quarter against Rs1,278 crore in the year-ago period. "Our results this quarter demonstrate our progression to the growth phase of our three-year transformation journey," said Vineet Nayyar, chairman, Mahindra Satyam. "We are confident that we would capitalise on this momentum."
The company's attrition levels dropped to 17% during the April-June quarter compared to 22% recorded in the previous quarter.
It also announced the winding up of its American depository share programme next year.