Mahindra Satyam Results show 76% Net Dip in Sept Quarter

Mahindra Satyam (formerly Satyam Computer) reported a 76% fall in profit after tax ( PAT) for the three months ended September at Rs 23.30 crore against Rs 98 crore in the June quarter. This is the IT firm’s first quarterly earnings since it was hit by a financial fraud in 2009.

Revenue for the first quarter stood at Rs 1,248 crore. In the subsequent three- month period, the revenue was reported at Rs 1,242.40 crore.

Satyam, whose former Chairman Ramalinga Raju stunned the world in January 2009 when he admitted to overstating the company’s assets by $ 1 billion, will be merged with Tech Mahindra Ltd, within a year after announcing quarterly results.

The headcount for the company for the second quarter was 28,068.

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. " Our performance over the last two quarters clearly reflects the stability that has been brought in.

We have retained our traditional strengths and leadership in enterprise business solutions and integrated engineering services," Mahindra Satyam CEO C P Gurnani said.