Indian software outsourcer Mahindra Satyam on Thursday said its quarterly net profit soared more than ten-fold, beating market estimates, as demand for outsourcing grew. The company, recovering from the country's biggest corporate fraud scandal, said net profit rose to 2.38 billion rupees ($49 million) for the three months to September 30 from 233 million rupees in the same period last year.
Analysts had forecast a profit of near two billion rupees for the financial second quarter. Revenues jumped 27 percent to 15.78 billion rupees, the company said in a statement to the Bombay Stock Exchange on Thursday.