Mahindra Satyam Q2 profit soars on outsourcing demand

Nov 10, 2011 |

Reuters

mumbai

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Mahindra Satyam

Software services exporter Mahindra Satyam on Thursday posted a more than 10-fold jump in quarterly net profit, beating street estimates, as it added 36 new clients for its outsourcing business.

Net profit for the fiscal second quarter ended Sept. 30 was 2.38 billion rupees ($47 million), up from 233 million rupees in the year ago period, the company said in a statement.

The company had reported the year ago quarterly results for the first time since it was hit by India's biggest corporate fraud in 2009.

Analysts had forecast a net profit of 1.98 billion rupees, according to Thomson Reuters I/B/E/S.

Ramalinga Raju, founder and former chairman of the firm, was granted bail last week by the Supreme Court in a $1.5 billion financial fraud case involving overstated profits and falsified assets.

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