Merger with group entity Tech Mahindra in latter half of 2012-13
Mahindra Satyam has continued its steady growth in revenue and margins in the second quarter of the current financial year by registering 10 per cent growth in revenue and 5.7 per cent rise in the post-tax profit, compared to the previous quarter. Unaudited financial results of the company for the second quarter were announced by its Chairman Vineet Nayyar, Chief Executive Officer C. P. Gurnani and Chief Financial Officer Vasant Krishnani at a joint press conference here on Thursday.
The company has posted Rs.1,578 crore revenue in the said quarter against Rs.1,434 crore in the previous quarter. In dollar terms, the growth has been pegged at 3.2 per cent with consolidated revenue of $330 million for the period. The operating profitability has also improved to Rs.242 crore in the second quarter, a 13.7 per cent increase from Rs.213 crore achieved in the first quarter.
Further, margins during the quarter have also gone up by 15.3 per cent over the previous quarter. The profit after tax has inched up to Rs.238 crore for the three-month period ended September 30 from Rs. 225 crore for the previous quarter.
Giving an insight into the company's performance, which the Chairman termed as the one that had overcome convalescence successfully from a near death experience two years ago, Mr. Nayyar said: “We are back to health and are ready to give our competition run for the money in spite of an uncertain macro-economic environment created by eurozone crisis.”
Stating that the second quarter results vindicated the company's faith in its strategies Mr. Gurnani said the company's investments into emerging areas such as enterprise mobility services and smart grid were an indication. They had added 36 new logos in the second quarter and its net account addition (revenue clocking) had gone up from 220 to 228.