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Mahindra Satyam's Q2 profit recorded at 
23 Crore
By siliconindia
|
Tuesday, 16 November 2010, 04:12 IST
New Delhi: Mahindra Satyam has reported a net profit of 
98 crore for the first quarter and in the period of July-September of the current fiscal, the company has recorded a net profit of 23 crore. The company had announced its audited financial results for the two fiscals of 2008-09 and 2009-10.
For the second quarter ended on September 30 of this year, the net profit came down to 23.30 crore through the sales of 1242 crore. The other income for the second quarter was recorded at 31.3 crore.
The company reported profit of 97.50 crore for the quarter ended June 30 and the revenue generated was 1248 crore. Due to basic wage hikes, Mahindra Satyam's EBIDTA stood at 5.2 per cent as against 9.1 per cent (Q-o-Q). The company has added new clients in the financial services and government sector and as on September 30, 2010, their employee count stands at 28,068.
"Our performance over the last two quarters clearly reflects the stability that has been brought in. We have retained our traditional strengths and leadership in enterprise business solutions and integrated engineering services," said Mahindra Satyam CEO C P Gurnani.
Mahindra Satyam had reported a net loss of 1,250 crore for the year ended March 2010, giving a first view of its financials almost two years after B Ramalinga Raju, its founder had admitted of manipulating company's account books for years. After Raju had confessed the multi-crore scam in January 2009, wherein the company's profits had been overstated and assets falsified, Tech Mahindra, bought Satyam in April 2009 and is operating it as an independent company. It is in plans to merge the firm intot he parent after the restated results for the year 2009-10 are announced.
98 crore for the first quarter and in the period of July-September of the current fiscal, the company has recorded a net profit of 23 crore. The company had announced its audited financial results for the two fiscals of 2008-09 and 2009-10.
For the second quarter ended on September 30 of this year, the net profit came down to 23.30 crore through the sales of 1242 crore. The other income for the second quarter was recorded at 31.3 crore.
The company reported profit of 97.50 crore for the quarter ended June 30 and the revenue generated was 1248 crore. Due to basic wage hikes, Mahindra Satyam's EBIDTA stood at 5.2 per cent as against 9.1 per cent (Q-o-Q). The company has added new clients in the financial services and government sector and as on September 30, 2010, their employee count stands at 28,068.
"Our performance over the last two quarters clearly reflects the stability that has been brought in. We have retained our traditional strengths and leadership in enterprise business solutions and integrated engineering services," said Mahindra Satyam CEO C P Gurnani.
Mahindra Satyam had reported a net loss of 1,250 crore for the year ended March 2010, giving a first view of its financials almost two years after B Ramalinga Raju, its founder had admitted of manipulating company's account books for years. After Raju had confessed the multi-crore scam in January 2009, wherein the company's profits had been overstated and assets falsified, Tech Mahindra, bought Satyam in April 2009 and is operating it as an independent company. It is in plans to merge the firm intot he parent after the restated results for the year 2009-10 are announced.