Mumbai, June 09: A beleaguered Satyam Computer on Tuesday announced a Rs 160 crore profit for the October-December quarter 2008, demonstrating it was down but not out and held out a promise of a strong comeback under new owner Mahindras.
Reeling under the about Rs 10,000 crore financial scam
that necessitated restatement of accounts, Satyam was at its
nadir in January with a measly profit of Rs four crore before
showing signs of revival by recording a Rs 52 crore profit in
February. This was despite losing about two dozen clients.
The numbers for the three-month period ended December
2008 were just about a third of the year-ago results, when the
company had posted a net profit of Rs 433.63 crore and a total
income of Rs 2,266 crore.
In October-December 2008 - a period that saw the
beginning of Satyam`s fall from grace - the IT firm posted a
consolidated net profit of Rs 160.50 crore and a total income
of Rs 2,327.21 crore. The announcement came within a month of
Tech Mahindra, an IT arm of Mahindra & Mahindra, acquired
controlling stake that valued Satyam at Rs 5,800 crore.
Shortly after the massive accounting fraud was disclosed
by the company`s founder Ramalinga Raju, the government
superseded the board of the IT firm before bidding it out.
Satyam hit the upper circuit on the Bombay Stock
Exchange, with the shares rising to Rs 66.85, while its new
owner Tech Mahindra jumped 25.46 per cent to Rs 744.20.
Bureau Report
