Satyam net up 10-fold
Beating market estimates, Mahindra Satyam, the information technology consulting and services company, reported a 10-fold rise in net profit to Rs 238 crore for the second quarter ended September, compared to Rs 23.3 crore during the corresponding quarter last year.
The company's consolidated revenues surged 27 per cent during the quarter to Rs 1,578 crore against Rs 1,242 crore during the same period a year ago.
Announcing the results, chairman Vineet Nayyar said on Thursday, “I had said our convalescence period will be three years. By the results I give in on Thursday, it would be safe to say the convalescence is almost over and we are back to health. Our future will depend on how fast we sprint. We are ready and we will be running, and we will get our competition to run for the money.”
Nayyar said the euro zone debt crisis could dent demand for outsourcing.
"We are living in uncertain times. The current euro zone has the potential to significantly impact market conditions," he said. Troubles in Europe could hit the near-term outlook for outsourcing demand from overseas clients, but spending on technology services in the long term was expected to remain strong, he said, as global corporations look to cut costs.
The total headcount stood at 32,092 as of September, with a net addition of 654 for the quarter. Nayyar said the attrition had come down significantly to 15.6 per cent in the quarter.