Mahindra Satyam notifies its Audited Financial results for FY 2009 and FY 2010

Top Quote The audited financial results of Satyam Computer Services Ltd. (Mahindra Satyam) for financial year 2009 (year ended March 31, 2009) and financial year 2010 (year ended March 31, 2010). End Quote
  • (1888PressRelease) October 01, 2010 - Hyderabad - Satyam Computer Services Ltd. (Mahindra Satyam), today announced the audited financial results for financial year 2009 (year ended March 31, 2009) and financial year 2010 (year ended March 31, 2010). The results were announced in the presence of the Board of Directors - Vineet Nayyar, Chairman ; C.P Gurnani, Chief Executive Officer, Mahindra Satyam; Ulhas N Yargop, President, IT Sector and Group CTO, Mahindra & Mahindra Ltd.; C.Achuthan and Padmashri T.N. Manoharan.

    Key Highlights

    The company has published its financials for the period from Apr 1st 2002 to Sep 30th 2008.

    The key financial numbers are as below:

    Revenue was Rs 88126 m and Rs 54810 m in FY 09 and FY 10 respectively

    Loss after tax was Rs 81768 m and Rs 1246 m in FY 09 and FY 10 respectively

    Due to the restatement efforts and the extent of the fraud, there are certain exceptional items in the financial statements.

    Exceptional items were Rs 79920 m and Rs 4169 m in FY 09 and FY 10 respectively.

    Loss after tax adjusted for exceptional items was Rs 1,848 m for FY 09 and Profit after Tax was Rs 2923 m in FY 10.

    Cash and bank balances were Rs 21768 m as on 31st March 2010.

    The loan balance as of 31st March 2010 was Rs 42 crores.

    After the 7th Jan disclosure, the company had to deal with a significant fall out in the form of customer and associate attrition. It had to balance its expenses to align to the revenue and reinvent itself for the future. This has helped in bringing forth marked improvements in the operating metrics of the company.

    Anand Mahindra, Vice Chairman and Managing Director, Mahindra Group, said, "This is one of the most significant milestones for Mahindra Satyam and I must commend Vineet, CP and team for leading the company through challenging times. However, our true heroes are the Mahindra Satyam Associates across the world, who demonstrated a high degree of passion and commitment to meet global customer requirements. I am certain that tomorrow holds a renewed promise for all Mahindra Satyam stakeholders."

    Vineet Nayyar, Chairman, Mahindra Satyam, said, "With this announcement today, we have fulfilled an important commitment and kept to our promise of transparency and agility. It also marks the beginning of a more significant journey of growth and the future. We will inculcate the highest values of Corporate Governance, for which the Mahindra group is renowned for, in shaping the future of this organization".

    CP Gurnani, CEO, Mahindra Satyam, said, "We are on a challenging journey to transform this company, which a few quarters ago faced an unparalleled crisis. With this milestone behind us, we are in a position to commit ourselves with renewed energy to the tasks on hand. We have a clear roadmap for the journey, our go-to-market strategies are showing results, and significant investments are being made into our traditional strongholds like Enterprise Business Solutions and Integrated Engineering Services. Investments into platform based BPO solutions and emerging technologies will create the right platform to service the dynamic requirements of our esteemed customers."

    About Mahindra Satyam

    Mahindra Satyam (NYSE: SAY) is a leading global business and information technology services company that leverages deep industry and functional expertise, leading technology practices, and an advanced, global delivery model to help clients transform their highest-value business processes and improve their business performance. The company's professionals excel in enterprise solutions, supply chain management, client relationship management, business intelligence, business process quality, engineering and product lifecycle management, and infrastructure services, among other key capabilities.

    Mahindra Satyam is part of the $7.1 billion Mahindra Group, a global industrial federation of companies and 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.

    Mahindra Satyam development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve numerous clients, including many Fortune 500 organizations. For more information, see, Follow us on Twitter:

    For clarifications, write to us at: MediaRelations ( @ ) mahindrasatyam dot com

    Safe Harbor

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Mahindra Satyam undertakes no duty to update any forward-looking statements.

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