Mahindra Satyam announces financial results for Q1 & Q2 of FY 2010-2011

Mahindra Satyam (NYSE: SAY), the brand name of Satyam computer services, a consulting and IT services provider, announced its unaudited Indian GAAP results for Q1 & Q2 of FY 2010-2011 i.e. Quarters ended June 30, 2010 and September 30, 2010

“The announcement of Quarterly results is an important first step towards building a high-growth business. The synergies with M&M and Tech Mahindra are quite visible and we are seeing definite traction in our joint go-to-market strategies,” commented Vineet Nayyar, chairman, Mahindra Satyam.

According to the unaudited report the consolidated revenue for Q1 and Q2 was Rs 1,248 Crores and Rs 1,242 Crores respectively, while the operating profit for Q1 and Q2 was Rs 114 Crores and Rs 65 Crores respectively. For the same period, the PAT (profit after tax) for Q1 and Q2 was Rs 98 Crores and Rs 23 Crores respectively and the headcount was at 27,722 and 28,068 for Q1 and Q2 respectively.

CP Gurnani, CEO, Mahindra Satyam, remarked that, “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 areas like Enterprise Business Solutions (EBS) and Integrated Engineering Services (IES).”

The standalone results as per the financial report states that revenue for Q1 and Q2 was Rs 1,154 Crores and Rs 1,151 Crores respectively, whereas the operating profit for Q1 and Q2 was Rs 101 Crores and Rs 63 Crores respectively and PAT for Q1 and Q2 was Rs 104 Crores and Rs 29 Crores respectively.