Mahindra Satyam Announces Better than Expected Q1 Results

Mahindra Satyam Announces Better than Expected Q1 ResultsTechnology services provider Mahindra Satyam has declared Q1 results with better than expected numbers. The company has registered Income of Rs 1738 crore in Q1 compared to Rs 1550 crore during Q4 last year.

The net profit is lower than Q4 at Rs 332 crore compared to Rs 446 crore. Market experts were expecting the company to register nearly 50 per cent decline for quarter-on-quarter basis.

The stock declined marginally and closed at Rs 83.75 on NSE after registering volume of 2.2 million shares. In the year ended March 2012, the company announced net profit of Rs 1202 crore.

The company has been showing good performance and adding new clients. The margins have improved as well. However, due to ongoing economic issues in European and US markets, most technology companies have given a bleak outlook for upcoming quarters.

Technical experts are expecting Mahindra Satyam to offer good returns over next 3-6 months as the company will merge with Tech Mahindra to create a bigger entity in IT space.