Hyderabad, September 29, 2010: Satyam Computer Services Ltd. (Tech Mahindra), 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, Tech Mahindra; Ulhas N Yargop, President, IT Sector and Group CTO, Mahindra & Mahindra Ltd.; C.Achuthan and Padmashri T.N. Manoharan.
- 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 Tech Mahindra and I must commend Vineet, CP and team for leading the company through challenging times. However, our true heroes are the Tech Mahindra 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 Tech Mahindra stakeholders.”
Vineet Nayyar, Chairman, Tech Mahindra, 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 Tech Mahindra
Tech Mahindra (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.
Tech Mahindra is part of the $11.1 billion Mahindra Group, a global industrial federation of companies and one of the top 10 business houses based in India. The Group’s interests span automotive products, aviation, components, farm equipment, financial services, hospitality, information technology, logistics, real estate and retail.
Tech Mahindra 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 www.mahindrasatyam.com
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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. Tech Mahindra undertakes no duty to update any forward-looking statements.