After slipping backwards in its final FY quarter, ‘born again’ Indian offshore services firm, Mahindra Satyam, returned to growth in Q1 (to 30th June), with headline revenues up 31% yoy to Rs18.8b, nearly 13% higher qoq. It was a far more muted picture in dollar terms, though, with revenues up 7% yoy to $342m, just 1% higher than the prior quarter, but at least it’s up. EBITDA margins improved substantially to 21.7%, nearly 7 points higher yoy and over 4 points higher qoq. This is very respectable indeed.
Meanwhile, Mahindra Satyam’s integration with sibling Tech Mahindra chugs along (see Mahindra Satyam, Tech Mahindra make marriage legal), though it’s still not clear to me when the combined entity will be finally unveiled in all its glory.