Technology sector firm, Mahindra Satyam has recorded an increase of 29.4 per cent in its consolidated net profit to Rs 308 crore in the quarter till December 2011.

The company said that it earned Rs 66.3 crore in the October-December quarter compared to Rs 33.7 crore in an earlier quarter. The consolidated revenues of the company rose 8.9% to Rs 1,718 crore compared to Rs 1,577 crore in the same quarter of the previous year. EBITDA margins were recorded at 16.2 per.

Mahindra Satyam said that the growth in rupee revenue growth was mainly due to the depreciation in the value of the rupee. The figures are better than what was expected by analysts and as a result he companies shares recorded an increase in the domestic stock exchanges.

Shares of the company opened strong and then rose 4.78 per cent to Rs 79.90 on the Bombay Stock Exchange (BSE). On the other hand, the shares increased 5.58 per cent to the level of Rs 80.40.

The company has appointed advisors for merger with Tech Mahindra and the merger will take place by October, according to the company.