Satyam stuns street with 56.4 % jump in net profit

Software outsourcer Mahindra Satyam on Thursday beat expectations by announcing a 56.4 per cent rise in quarterly profit year-on-year on the back of new orders and currency gains.

The company said net profit rose to Rs352 crore ($64 million) for the three months to 30 June 30 from Rs225 crore in the same period last year.

Revenues rose 31 per cent to Rs1,730 crore, while foreign exchange gains tripled to Rs66,510 crore during the quarter for the Hyderabad-based firm.

Satyam said it had won at least three big orders this year including two in the June quarter, without naming the clients.

"Global business realities continue to be unpredictable. However we are confident of taking forward our momentum," chairman Vineet Nayyar said in a statement.

The company added 2,643 employees in the June quarter, taking its total workforce to 35,996. Satyam and Tech Mahindra together had 372 active clients as of 30 June, including SAAB AB and BT Group Plc.