Satyam suffers net loss of Rs.8,177 crore in fiscal 2009 (Lead)
September 29th, 2010 - 9:23 pm ICT by IANS
Hyderabad, Sep 29 (IANS) Mahindra Satyam, formerly Satyam Computers, suffered a net loss of Rs.8,177 crore in fiscal 2008-09 on net sales of Rs.8,813 crore as a result of exceptional items to the tune of Rs.7,992 crore arising out of fraud-related expenses, the company said Wednesday.
Restating the financial accounts for fiscal 2009 and fiscal 2010 here, Company Chairman Vineet Nayyar told reporters here that for fiscal 2009-10, the net loss declined drastically to Rs.125 crore on net sales of Rs.5,481 crore.
“Our cash balance remained at Rs. 2179 crore for fiscal 2010 and margins for the same fiscal improved to 8.33 per cent from 3.42 per cent in fiscal 2009,” Nayyar said.
Admitting that the client base declined to 350 in fiscal 2010 from about 500 in fiscal 2009 after the financial scam by former management led by co-founder B. Ramalinga Raju surfaced in January 2009, Nayyar said networth, however, improved to Rs.1,800 crore as against negative networth of Rs.8,080 crore when Tech Mahindra took over the beleaguered company.
The fictitious revenue from April 2002 to September 2008 was Rs.5,352.8 crore, with 7,500 inflated invoices.
“Similarly, fictitious interest income recorded from 2002 to 2008 was Rs.900 crore and fictitious exchange gain for the same period Rs.206 crore,” Nayyar pointed out.
The company is expected to declare financials results for the first two quarters of this fiscal (April-June and July-September 2010-11) November 15.
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- Satyam fraudulent entries by Raju at Rs.6,800 crore - Sep 29, 2010
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- Mahindra Satyam reports net loss due to lawsuit settlements - May 23, 2011
- IT department freezes accounts of Mahindra Satyam (Lead) - Mar 22, 2011
- Mahindra Satyam's merger with Tech Mahindra next year - Nov 10, 2011
- IT department freezes accounts of Mahindra Satyam - Mar 22, 2011
- Two-fold jump in Mahindra Satyam's net profit - Aug 10, 2011
- Mahindra Satyam net profit at Rs.534 crore - May 17, 2012
- Mahindra Satyam posts 3 percent revenue growth in Q3 - Feb 14, 2011
- M & M's Q2 net profit up 7.90 percent - Oct 29, 2010
- Mahindra Satyam merger with Tech Mahindra likely next year - May 23, 2011
- Satyam shares volatile ahead of annual earnings in two years - Sep 29, 2010
- Mahindra Satyam, Tech Mahindra merger likely in 8-9 months - Apr 24, 2012
Tags: 11 november, cash balance, co founder, company chairman, crore, fb, financial accounts, financial scam, interest income, invoices, margins, nayyar, net sales, november 15, ramalinga, rs 1, rs 125, rs 8, satyam computers, vineet