Mahindra Satyam Ltd has posted results for the first quarter ended 30th June, 2012.
Its net profit was stood at Rs3.53bn, while revenue was stood at Rs18.80bn.
Vineet Nayyar, Chairman, Mahindra Satyam, said, “With this quarter, we have successfully ended our 3-year transformational journey, recording progress on the back of strong fundamentals, focus and investments. Global business realities continue to be unpredictable. However we are confident of taking forward our momentum.”
Speaking on the occasion, CP Gurnani, CEO, Mahindra Satyam, said, “We compete in the marketplace today with investments in services, markets and our differentiators. Our plans to convert some of these bullets into cannonballs is a reflection of our performance this quarter.”
The merger of Tech Mahindra and Mahindra Satyam, announced on March 21st, 2012, is progressing on schedule. During the quarter, Mahindra Satyam’s shareholders overwhelmingly approved the merger with Tech Mahindra in a meeting conducted on June 8th.
Mahindra Satyam announced a global alliance partnership with Galorath Inc., a leading provider of estimation solutions, called the SEER solutions. The partnership will focus on the “SEER for Manufacturing” solution in order to provide its Should Costing methodology for cost modeling and benchmarking to discrete manufacturing companies across the aerospace, industrial, energy and automotive industries.
Enhanced its existing relationship with Symantec Corporation to jointly improve smart grid network security, which would enhance Mahindra Satyam’s ability to deliver secure and effective smart grid services to utilities globally.
Partnered with Oxygen Finance to market Oxygen’s cloud-based Accelerated Payment system, which enables organizations to speed up settlement of supplier invoices in exchange for additional income. This strategic initiative is part of Mahindra Satyam’s drive to build its non linear business and create added value for customers
Mahindra Satyam, Tech Mahindra and CA Technologies entered into a global partnership, through completion of a Global Framework Agreement (GFA). The partnership facilitates provision of shared and managed services to new and existing customers through a joint, strategic approach. Further, Tech Mahindra and Mahindra Satyam established the Mahindra CA Research centre at Pune which will enable co-innovation and delivery of joint offerings.