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Mahindra Satyam, formerly known as Satyam Computer Services, has reported an over two-fold sequential jump in consolidated net profit for the third quarter ended December 31, 2010, to Rs 58.9 crore.
The company had reported a consolidated net profit of Rs 23.3 crore during the July-September quarter of 2010-11 fiscal.
Revenues during the third quarter grew marginally to Rs 1,279.3 crore from Rs 1,242 crore in the second quarter of 2010-11 fiscal, Mahindra Satyam said in a filing to the Bombay Stock Exchange.
Mahindra Satyam had reported a net loss of Rs 1,250 crore for the year ended March 31, 2010, giving a first view of its financials almost two years after the Satyam Computer Services founder, Mr B. Ramalinga Raju, admitted to cooking the company's account books for years.
"Our efforts of investing in core competencies have begun to show encouraging results. The recognitions that we have received from our partners are true reflections of our inherent capabilities... Mahindra Satyam is geared up for a promising year of growth and opportunities,'' the Mahindra Satyam Chairman, Mr Vineet Nayyar, said.
In January 2009, Mr Ramalinga Raju had confessed to perpetrating a multi-crore scam wherein the company's profits were overstated and its assets falsified.
Tech Mahindra bought Satyam Computer Services in April 2009, and is operating it as an independent company.
The company's clients stood at 217 at the end of December 31, 2010. Its consolidated cash and cash-equivalent reserves stood at Rs 3,048 crore during the reporting quarter.
The company's headcount at the end of the third quarter stood at 28,832, an increase of 764 from 28,068 as on September 30, 2010.
Meanwhile, Mahindra Satyam informed the BSE today that it has appointed Mr S. Vasant Krishnan as the Chief Financial Officer of the company with effect from March 1, 2011.
Mr Krishnan is a chartered accountant with over 25 years experience and is currently with Mahindra & Mahindra Ltd as Senior Vice-President. The incumbent Mahindra Satyam CFO, Mr S. Durgashankar, will return to Mahindra & Mahindra fold.
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