Doubt that the books are cooked given the promoters. Also, the Company has been generating fair bit of cash and has been pretty consistent with dividends; implying profits are not just accounting numbers.
Although, debt might raise some concerns, but on a net debt basis, the balance sheet looks fairly stable.
Profitability lately had taken a hit (not the last quarter, but prior) due to their acquisition of Mphasis BPO and troubles with Canadian operations. Appears that things are changing for good basis last quarter and consistent delivery on margin front will be a big positive for the share.
lastly, Dalal street recently had an interview of their CFO, which i found useful read. The below link covers just first question, please google yourself for the full article.