Mahindra Satyam Q3 profit beats forecasts
The tech giant Mahindra Satyam has delivered strong Q3 results. Sources perceived that the significant growth driver for its strong result is company’s strong enterprise demand. If reports are to be believed, Mahindra satyam has recorded whooping four-fold increase in profit of Rs 308 crore for the quarter ended December 31.
Sources informed, the company''s consolidated revenue stood at Rs 1,718 crore in the third quarter, 34 percent higher year-on-year. However, analysts on average, had expected a net profit of Rs 2.2 billion.
To the reader’s surprise, the company has booked foreign exchange gains of Rs 664 million, up from Rs 134 million in the year-earlier period.
As far as attrition rate is concerned, the company recorded 16 percent in Q3, down from 25 per cent in the corresponding period last year. In addition, Mahindra Satyam is adding nearly 188 employees quarter-on-quarter. Presently, the total headcount of the company stood at 32,280.
Vineet Nayyar, Chairman, Mahindra Satyam has stated, the company will continue following the path of improving company’s operating matrix in the face of some headwinds on the economic front.
It is worth noticing, shares in Mahindra Satyam, with the market values at $1.7 billion, ended up 3.7 percent at Rs 76.15 ahead after the result''s announcement.