Mahindra Satyam Q3 net spikes 29% to Rs 308 cr

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Mahindra Satyam Q3 net spikes 29% to Rs 308 cr

Technology firm Mahindra Satyam has reported a much better than expected growth of 29.4% quarter-on-quarter in its consolidated net profit of Rs 308 crore in the October-December quarter of FY12.

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Technology firm Mahindra Satyam has reported a much better than expected growth of 29.4% quarter-on-quarter in its consolidated net profit of Rs 308 crore in the October-December quarter of FY12.

The company earned forex gain of Rs 66.3 crore in the quarter ended December FY12 as against Rs 33.7 crore in an earlier quarter.

Consolidated revenues rose 8.9% to Rs 1,718 crore from Rs 1,577 crore quarter-on-quarter.

Mahindra Satyam said the rupee revenue growth was largely due to rupee depreciation.

CNBC-TV18 had expected net profit of Rs 220 crore and revenues of Rs 1,735 crore.

Attrition rate declined at 16% in the third quarter of FY12 versus 25% in the corresponding quarter of last fiscal.

EBITDA margins came in at 16.2% as against CNBC-TV18 poll of 15.3%. EBITDA margin was improved by 10% in one year.

The company has appointed advisors for merger with Tech Mahindra. Merger may possibly happen by October, says company.

A share closed up 3.81% at Rs 76.25 on the BSE. Its traded volume increased 109% to 3,228,348 shares versus 5-day average of 1,545,545 shares.