Mahindra Satyam’s second quarter profits have beaten street estimates. The company reported a 5.7% sequential rise net profit to Rs238 crore. Revenues expanded 10% quarter-on-quarter to Rs1,578 crore. Satyam chairman Vineet Nayyar said the company was making steady progress towards its goals.
He added that the weakening of the rupee during the quarter contributed to its profits. Mahindra Satyam also announced that its attrition levels had fallen during the three-month period.
Keeping India’s farms growing may cost the government more than anticipated this year. Mint has learnt the fertilizer subsidy bill for this year is expected to be higher than the budget estimate. Spending on fertilizer subsidy this year is likely to reach Rs95,000 crore. The initial budget estimate was for Rs85,000 crore. An increase in global demand for fertilizers is being seen as the main reason for this rise. India imports 20-25% of its annual urea supplies. Earlier this year the government had allowed retailers to set their own prices for some non-urea fertilizers.