Mahindra Satyam releases audited financials
Mahindra Satyam (NYSE: SAY), published 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, namely, Vineet Nayyar, Chairman; C.P Gurnani, Chief Executive Officer, Mahindra Satyam; Ulhas N Yargop, President, IT Sector and Group CTO, Mahindra & Mahindra; C.Achuthan and Padmashri T.N. Manoharan.
“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,” commented Anand Mahindra, Vice Chairman and Managing Director, Mahindra Group.
The company has published its financials for the period from April 1st 2002 to September 30th 2008. According to it, the revenue of the company was Rs. 88,126/- m and Rs. 54,810/- m in FY 09 and FY 10, respectively. The loss after tax that the company had to see was Rs. 81,768/- m and Rs. 1,246/- m in FY 09 and FY 10, respectively.
“We will inculcate the highest values of Corporate Governance, for which the Mahindra group is renowned for, in shaping the future of this organization,” remarked Vineet Nayyar, Chairman, Mahindra Satyam.
The results also says that cash and bank balances were Rs. 21,768/- m as on 31st March 2010, while the loan balance as of 31st March 2010 was Rs. 42 crore (422 mn).
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.
“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,” stated CP Gurnani, CEO, Mahindra Satyam.
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