Mahindra Satyam Q2 Profit Up by 10-fold

Beating street estimates, software services exporter Mahindra Satyam on Thursday posted more than 10-fold jump in quarterly net profit, as it added 36 new clients for its outsourcing business.

Net profit for the fiscal second quarter ended Sept. 30 was 2.38 billion rupees ($47 million), up from 233 million rupees in the year ago period, the company said in a statement.

The company had reported a year ago quarterly results for the first time since it was hit by India's biggest corporate fraud in 2009. Analysts had forecast a net profit of 1.98 billion rupees.

Ramalinga Raju, founder and former chairman of the firm, was granted bail last week by the Supreme Court in a $1.5 billion financial fraud case, involving overstated profits and falsified assets. ($1 = 50.2 rupees)