Mumbai (Agencies): Mahindra Satyam, formerly known as Satyam Computer Services, on Sunday reported an over two-fold sequential jump in consolidated net profit for the quarter ended December 31, 2010, to Rs 58.9 crore.

The company had reported a consolidated net profit of Rs 23.3 crore for the July-September quarter of 2010.

Revenue for the third quarter grew marginally to Rs 1,279.3 crore from Rs 1,242 crore in Q2, FY2010-11, Mahindra Satyam said in a filing to the Bombay Stock Exchange.

Mahindra Satyam had reported a net loss of Rs 1,250 crore for the year ended March, 2010, giving a first view of its financials almost two years after founder B Ramalinga Raju admitted to cooking the company's account books for years.

"Our efforts of investing in core competencies have begun to show encouraging results. The recognitions that we have received from our partners are true reflections of our inherent capabilities... Mahindra Satyam is geared up for a promising year of growth and opportunities," Mahindra Satyam Chairman Vineet Nayyar said.

In January, 2009, former chairman and founder Ramalinga Raju had confessed to perpetrating a multi-crore scam wherein the company's profits were overstated and its assets falsified.

Shares of the IT firm advanced by 6.04 per cent to an early high of Rs 61.40 on the BSE on Monday.

Tech Mahindra bought Satyam in April, 2009, and is operating it as an independent company.

The company had 217 clients at the end of December 31, 2010. Its consolidated cash and cash-equivalent reserves stood at Rs 3,048 crore for the reporting quarter.

The headcount of the company at the end of the third quarter was 28,832, an increase of 764 personnel from 28,068 employees on September 30, 2010.

Meanwhile, Mahindra Satyam informed the BSE on Monday that it has appointed S Vasant Krishnan as the Chief Financial Officer of the company with effect from March 1, 2011.

Krishnan is a chartered accountant with over 25 years' experience and is presently with Mahindra & Mahindra Ltd as Senior Vice-President.

The incumbent Mahindra Satyam CFO, S Durgashankar, will return to the Mahindra & Mahindra Ltd fold.

Krishnan will come on board at Mahindra Satyam effective March 1 in place of S Durgashankar who will relocate to M&M, a press release issued stated.

On Krishnan's appointment, the company's Chairman Vineet Nayyar said: "On behalf of the Board of Directors of Mahindra Satyam, I would like to place on record my sincere appreciation to Durgashankar for his outstanding contribution in bringing order to our financial system, in were probably the most difficult and trying times in corporate history of India.

"His ability to motivate a distraught team during the crisis and complete the restatement of our accounts in a record time, speaks volumes of his efforts in rebuilding Mahindra Satyam".

Nayyar said Krishnan's experience would enable greater levels of transparency within the company and help adhere to industry standards.

Mahindra Satyam is a part of the USD 7.1-billion Mahindra Group which is one of the top 10 industrial firms based in India.

The Group's interests span financial services, automotive products, trade, retail and logistics, information technology and infrastructure development.