Despite forex gains, improved employee utilisation rates and business efficiencies, Mahindra Satyam (MSat), on Thursday, said its consolidated net profit plunged 34.05% to `352.29 crore for the quarter ended June, 2012 as against Rs 534.21 crore registered just a quarter ago. The dip in profit was despite a 13% rise in income from operations to Rs 1,879.86 crore during June, 2012 from Rs 1,665.84 crore achieved in March, 2012.
However, annually, consolidated net profit increased by 56.44% to Rs 352.29 crore in June, 2012 as against Rs 225.18 crore a year ago, while standalone net profit jumped 44.5% to Rs 332.56 crore from Rs 230.16 crore.
Vineet Nayyar, Chairman, MSat, however, expressed caution for the next two quarters. “The decision cycles are longer. We are not immune to global scenario but we are gearing up to meet the challenges.”
According to CP Gurnani, CEO, MSat, the clouds of uncertainty in the US will impact them due to a slowdown in public, government and defence spending. Attrition was down to 13.5% in June, 2012 from 17.3% last year.