Mumbai, Feb 14: Mahindra Satyam has said that its fiscal third quarter net profit has more than doubled from the second quarter.
The software services exporter has posted a net profit of Rs 589 million (Rs 58.9 Crores) during the third quarter as compared to Rs 233 million (Rs 23.3 Crores) in the second quarter. The results have heightened the interests of stock buyers in the company as its shares rose by 12 per cent on Feb 14.
This marks a complete turnaround for the company, which was earlier called Satyam Computers and then rechristened as Mahindra Satyam following its acquisition by Tech Mahindra.
After bearing losses for two fiscal years, the company now seems to be recovering and the results are expected to bring more clients to the company that was once upon a time among India's top four outsourcing firms.