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Mahindra Satyam Q2 profit soars on outsourcing demand

Mahindra Satyam Q2 profit soars on outsourcing demand
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First Published: Thu, Nov 10 2011. 11 58 AM IST

A file photo of a Mahindra Satyam site
A file photo of a Mahindra Satyam site
Updated: Thu, Nov 10 2011. 11 58 AM IST
Mumbai: 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.
A file photo of a Mahindra Satyam site
Net profit for the fiscal second quarter ended 30 September was Rs 2.38 billion ($47 million), up from Rs 233 million 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 Rs 1.98 billion, according to Thomson Reuters.
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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First Published: Thu, Nov 10 2011. 11 58 AM IST