India's Mahindra Satyam posts strong profit growth

Feb 01, 2012

India's software outsourcer Mahindra Satyam on Wednesday posted a near five-fold jump in its third quarter net profit, beating market forecasts, as margins were boosted by a fall in the rupee.

The company, recovering from India's largest corporate , said its soared to 3.08 billion rupees ($61 million) in the three months ended December, compared to 589 million rupees a year earlier.

Revenue at the company, based in the southern city of Hyderabad, rose 34 percent to 17.18 billion rupees, from a level earlier.

Analysts expected Satyam to show a 2.1 billion rupee profit.

Mahindra Satyam, formerly known as Satyam Computer Systems, showed foreign exchange gains of 664 million rupees, up from 134 million rupees a year earlier.

Satyam stunned corporate India in 2009 when its founder B. Ramalinga Raju admitted he had for years overstated profits and inflated the balance sheet by more than $1 billion.

The scandal nearly pushed Satyam into bankruptcy but its new owner Tech Mahindra, part of Indian auto and farm equipment manufacturer Mahindra and Mahindra, has managed to turn around the firm after the revelations.

Raju, once a star of India's software boom, is now on bail awaiting trial for conspiracy, cheating and forgery.

"We continue with our path of building the organisation and improving operations, in the face of some headwinds on the economic front," said Mahindra Satyam chairman Vineet Nayyar, in a company statement.

added a net 188 employees in the quarter, with a total staff of 32,280 as of December 31.

Explore further: Strong iPhone 6 demand boosts Taiwan export orders

add to favorites email to friend print save as pdf

Related Stories

India's Satyam posts strong profit growth

Nov 10, 2011

Indian software outsourcer Mahindra Satyam on Thursday said its quarterly net profit soared more than ten-fold, beating market estimates, as demand for outsourcing grew.

India's Satyam posts unexpected quarterly loss

May 23, 2011

India's fraud-hit software outsourcer Mahindra Satyam on Monday swung to an unexpected quarterly loss from a profit the previous quarter, hit by the cost of a one-off US lawsuit.

India's fraud-hit Satyam posts loss but is on the mend

Sep 29, 2010

India's fraud-hit Satyam announced Wednesday a loss of 27.6 million dollars for the last fiscal year as it reported its first earnings since an accounting scandal pushed the firm to the edge of bankruptcy.

India court bails Satyam fraud accused

Nov 04, 2011

India's Supreme Court on Friday granted bail to the former chairman of Indian outsourcing giant Satyam, B. Ramalinga Raju, who is accused of one of the country's biggest corporate frauds.

Recommended for you

MasterCard, Zwipe announce fingerprint-sensor card

Oct 18, 2014

On Friday, MasterCard and Oslo, Norway-based Zwipe announced the launch of a contactless payment card featuring an integrated fingerprint sensor. Say goodbye to PINs. This card, they said, is the world's ...

Apple starts iPhone 6 sales in key China market

Oct 17, 2014

Apple began selling its latest iPhone in China Friday, nearly a month after other major territories due to a licence delay by regulators, but it faces a tough battle with rivals led by Samsung in the crucial ...

Microsoft CEO launches diversity training effort

Oct 17, 2014

(AP)—Microsoft CEO Satya Nadella has again apologized to employees and announced in a company-wide memo that all workers will receive expanded training on how to foster an inclusive culture as he works to repair damage ...

Arguments made in ex-dictator's suit against game

Oct 17, 2014

(AP)—A judge has heard arguments from lawyer and former New York City Mayor Rudy Giuliani calling for the dismissal of a lawsuit filed against video game giant Activision by former Panamanian dictator Manuel Noriega.

User comments : 0