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Mah Satyam Q3 profit surges to Rs 58.9 cr

Revenue for the third quarter grew marginally to Rs 1,279.3 crore from Rs 1,242 crore in Q2, FY2010-11, Mahindra Satyam said in a filing to the Bombay Stock Exchange.

twitter-logoPTI | February 14, 2011 | Updated 11:32 IST

Mahindra Satyam, formerly known as Satyam Computer Services, on Monday reported an over two-fold sequential jump in consolidated net profit for the quarter ended December 31, 2010, to Rs 58.9 crore.

The company had reported a consolidated net profit of Rs 23.3 crore for the July-September quarter of 2010.

Revenue for the third quarter grew marginally to Rs 1,279.3 crore from Rs 1,242 crore in Q2, FY2010-11, Mahindra Satyam said in a filing to the Bombay Stock Exchange.

Mahindra Satyam had reported a net loss of Rs 1,250 crore for the year ended March, 2010, giving a first view of its financials almost two years after founder B Ramalinga Raju admitted to cooking the company's account books for years.

"Our efforts of investing in core competencies have begun to show encouraging results. The recognitions that we have received from our partners are true reflections of our inherent capabilities... Mahindra Satyam is geared up for a promising year of growth and opportunities," Mahindra Satyam Chairman Vineet Nayyar said.

In January, 2009, former chairman and founder Ramalinga Raju had confessed to perpetrating a multi-crore scam wherein the company's profits were overstated and its assets falsified.

Shares of the IT firm advanced by 6.04 per cent to an early high of Rs 61.40 on the BSE on Monday.

Tech Mahindra bought Satyam in April, 2009, and is operating it as an independent company.

The company had 217 clients at the end of December 31, 2010. Its consolidated cash and cash-equivalent reserves stood at Rs 3,048 crore for the reporting quarter.

The headcount of the company at the end of the third quarter was 28,832, an increase of 764 personnel from 28,068 employees on September 30, 2010.


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