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.
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.
A file photo of a Mahindra Satyam site
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.