MUMBAI, INDIA: Satyam Computer Services posted a consolidated net profit of 1.6 billion rupees ($33.5 million) for the December quarter, lifting its shares almost 10 percent.
Satyam, which was once ranked as India's No. 4 outsourcing firm, had not reported results since the revelation of a massive accounting fraud in January, which led to the firm being bought over by India's Tech Mahindra Ltd.
The firm, at the centre of India's biggest corporate scandal, said the financial information was prepared using internal management information system and had not been audited, reviewed and examined by an independent auditor.
"There can be no assurance that any such information is accurate and the actual results may be materially higher or lower than projected," it said in a statement.
The financial information is, however, being disclosed because of an open offer that Tech Mahindra is launching on Friday to buy up to 20 percent from Satyam's shareholders, it said.
If fully accepted, it would take Tech Mahindra's holding in Satyam to 51 percent.
Satyam reported standalone net profit of 1.81 billion rupees on revenue of 22.9 billion rupees in the December quarter. The year-ago numbers were not available.
It posted a profit of 40 million rupees on revenue of 6.81 billion rupees in January and net profit of 520 million rupees in February on revenue of 6.76 billion rupees, the outsourcing firm said.
New York-listed Satyam said it had total bank balances of 3.73 billion rupees as at March 31.
Shares in Satyam rose nearly 10 percent to 66.85 rupees, while Tech Mahindra jumped as much as 16.7 percent to 692.35 rupees after the announcement.
"People were thinking that there's going to be significant amount of losses. But, that's not the case," said Tarun Sisodia, head of research at Anand Rathi Securities.
Satyam's founder and former chairman Ramalinga Raju shocked investors in January by saying profits had been overstated for years, putting in doubt the survival of the company.
The Indian government quickly stepped in and sacked the board to limit damage to the once-shining sector.
Tech Mahindra, a unit of tractor and utility vehicle maker Mahindra & Mahindra and 31 percent-owned by Britain's BT Group, in April won an auction for a controlling stake in Satyam.
As on March 26, Satyam said outsourcing agreements with 23 of its clients, who contributed $70 million in the quarter ended Dec. 31 revenue, were either terminated or it was not renewed after expiry since the revelation of the fraud.
The company received new business orders from 215 clients, mostly existing, since January till March 26. The total value of such contracts was $380 million, Satyam said.
Meanwhile Satyam said that it will "vigorously defend" the class action law suits filed by British mobile service firm Upaid in the Texas court, against the IT services firm.
"The company has not yet been required to reply to the complaints but anticipates that, in accordance with US procedures it will vigorously," Satyam said in a filing to the Bombay Stock Exchange.
