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Mahindra Satyam Q1 net profit jumps 56%

The company's consolidated revenues for the reported quarter stood at Rs 1,880 crore, up 31.1 per cent from Rs 1,434 crore in the April-June 2011 quarter.

twitter-logo PTI   New Delhi     Last Updated: August 3, 2012  | 00:10 IST

Mahindra Satyam on Thursday over 56 per cent jump in net profit to Rs 352 crore for the quarter ended June 30, largely on account of forex gains and interest income.

The company's net profit stood at Rs 225 crore in the April-June 2011 quarter.

The company had a foreign exchange gain of Rs 67 crore, and Rs 60 crore as interest from deposits, Mahindra Satyam Chief Financial Officer Vasant Krishnan said.

In April-June 2012, the company's other income rose to Rs 134 crore from Rs 98 crore in the year-ago period, which boosted the net profit.

The company's consolidated revenues for the reported quarter stood at Rs 1,880 crore, up 31.1 per cent from Rs 1,434 crore in the April-June 2011 quarter.

Rupee depreciation contributed around 8 per cent to the revenue growth.

"With this quarter, we have successfully ended our three-year transformational journey, recording progress on the back of strong fundamentals, focus and investments. Global business realities continue to be unpredictable. But for us, it is not unfamiliar. We know how to respond to that. And I do believe that we have responded in a fairly effective manner," Mahindra Satyam Chairman Vineet Nayyar said.

Despite a good show, the company remains cautious about the macro economic developments around the world, he added.

Tech Mahindra Group is keen on creating a consolidated IT services powerhouse by merging Satyam with itself. Tech Mahindra provides software services to clients mostly in the US, Europe and Australia.


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