Mahindra Satyam has reported growth for the fifth consecutive quarter despite an uncertain macro-economic environment.
Consolidated revenue for the quarter ended 30 September 2011 was US$330 million, up 3.2 percent quarter on quarter, according to the global consulting, IT and business services provider's recently released financial results.
Profit After tax was at US$49.9 million versus US$50.3 million in the first quarter of financial year 2012 (Q1 FY12) and earnings before interest, taxes, depreciation, and amortisation (EBITDA) was at US$50.6 million versus US$47.4 million in Q1 FY12.
"Our growth momentum continues, for the fifth consecutive quarter. As we come towards the end of our three-year transformation journey, it is indeed satisfying to see that all our key business performance indicators such as growth, profitability and talent retention, are on course," said Vineet Nayyar, chairman, Mahindra Satyam. "We have shown significant improvement quarter on quarter, in spite of an uncertain macro-economic environment."
Mahindra Satyam also added 654 people to its empire for this quarter and the total headcount stood at 32,092 as of 30 September 2011. Also, attrition was significantly down to 15.6 percent in Q2 FY12 and 36 new logos were added during this period.
Mahindra Satyam had an eventful quarter and announced many key wins.
The company bagged a large business intelligence transformation project from a leading Australian banking and insurance major and won remote infrastructure management engagement from a European diversified manufacturing firm.
The company was also chosen by the Insurance Regulatory and Development Authority of India (IRDA) to develop a solution expected to help IRDA issue licences for its surveyors and monitor their performance.
"This was an eventful quarter for us. Our emphasis on 'differentiation' and scaling up our market share through verticalised solutions is bearing fruit. Investments into emerging areas such as enterprise mobility and smart grid are gaining momentum," said CP Gurnani, CEO, Mahindra Satyam.
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