Mahindra Satyam net profit at Rs.534 crore

New Delhi, May 17 (IANS) Leading IT service provider Mahindra Satyam Thursday posted a consolidated net profit of Rs.534 crore for the quarter ended March 31.

The firm had posted a net loss of Rs.327 crore during the like period of the previous financial year, the company said in a regulatory filing.

The income from operations stood at Rs.1,666 crore, up 21 percent against Rs.1,375 crore during the year ago period.

During the year ended March 31, the net profit stood at Rs.1,306 crore against a net loss of Rs.147 crore during the year ended March 31, 2011.

The income from operations stood at Rs.6,396 up 24 percent during the year under review against Rs.5,145 crore during previous financial year.

"We continue to make steady progress in our transformation journey. Our results in the past three years and the current quarter are a vindication of our growth strategy and fighting spirit of the team Mahindra Satyam," said Vineet Nayyar, chairman, Mahindra Satyam.

"Despite uncertainties in the global market, our team has proved its mettle to sustain volume growth, improve margin, key client addition and creation of innovative platform and offerings," he added.

The total headcount of the firm as on March 31 stood at 33,353, a net addition of 4,087 year on year.

The company also said that its attrition rate improved to 15 percent during the quarter under review against 22 in the corresponding quarter last year.

At the Bombay Stock Exchange the shares of the company closed 3.61 percent down at Rs.66.80.