Mahindra Satyam Q3 revenues moderate - Aberdeen UK claim settlement hits profits

Mahindra Satyam, a leading global consulting and IT services provider, has ended its Q3 2012-13 with revenues up 13% y-o-y at Rs 1,940 crore (US$ 356 mn, up 9.6% y-o-y).

As per its audited consolidated financial results under Indian GAAP for the third quarter ended December 31, 2012, EBITDA was at Rs 418 crore, up 50% y-o-y; margin at 21.6%.  

Attrition was stable at 13% in Q3FY13, the total headcount stood at 36,956 as of December 31, 2012, a net addition of 169 q-o-q. The company's active number of clients stood at 368 on a consolidated basis.

The Aberdeen UK claim settlement took its toll on the company's PAT;  Vineet Nayyar, chairman, Mahindra Satyam, said, "With the settlement of the Aberdeen suit, the external litigation issues now stand concluded, freeing us to focus even more on the business-ready solutions for our customers. Revenue growth from different verticals reflects our proven capability to enable enterprises to be future ready."

Speaking on the occasion, CP Gurnani, CEO, Mahindra Satyam, said, "We continue to strengthen our industry and alliance partnerships and explore multiple avenues for growth, including M&As. The investments we have made to expand our capabilities, combining the strengths of Tech M and MSat, has helped us to build disruptive solutions for the Connected Enterprise of the future."

The company had key wins in form of implementations for Oracle, the South African government, Continental Europe etc. It signed deals in new product development and medical education in orthopedics; Application Development and Maintenance (ADM), banking software, managed services, infrastructure, petroleum, oil and gas etc. It also inked an alliance with PL Engineering (PLE), the engineering arm of Punj Lloyd Group in the space of O&G pipelines, involving co-innovating to build Pipeline Integrity Management Solution on cloud technology.