Satyam Dec qtr net at Rs 160 cr; bank balance at Rs 373 cr

Mumbai, June 9 (PTI) Scam tainted India's Satyam Computer
Tuesday posted a consolidated net profit of Rs 160.50 crore
for the quarter ended December 2008, a period that saw the
company making desperate attempts to acquire two promoter
group non-IT firms.

The consolidated total income stood at Rs 2,327.21 crore
in the quarter, the company said, but added there was "no
assurance" of accuracy of these figures.

Subsequent to revelation in January of a massive
accounting fraud perpetrated by its founder Ramalinga Raju,
the company had withheld results for the October-December
quarter pending restatement of accounts.

In the quarter ended December 2007, the company had a net
profit of Rs 433.63 crore and a total income of Rs 2,266
crore.

The Satyam scrip Tuesday surged 10 per cent to hit the
upper circuit on the Bombay Stock Exchange. The shares hit Rs
66.85, while its new owner Tech Mahindra's scrip jumped 16.7
per cent to Rs 692.35 on the BSE.

The company also reported a net profit of Rs 56 crore and
a total income of Rs 1,284 crore for the first two months of
2009.

At the end of March, the firm's bank balance stood at Rs
373 crore, while the loan outstanding stood at Rs 469 crore at
the end of March 31, 2009.

"There can be no assurance that any such Information is
accurate, and the actual (final and or audited) results may be
materially higher or lower than projected, the company said in
a statement.

"The company had received new business orders from 215
mostly existing customers with contract values totalling USD
380 million," it added.

In January-February this year, as many 2,000 employees
left the IT firm, bringing down the head count to 41,622.

The monthly employee attrition numbers for Satyam
(standalone) were 746 in January and 1,602 in February, this
year aggregating to as much as 2,348.

Satyam, which was ranked the fourth largest software
exporter before Raju disclosed the financial fraud, has been
taken over by Tech Mahindra for Rs 2,990 crore.

On a standalone basis, for the December quarter the
company reported a net profit of Rs 181 crore and its total
income stood at Rs 2,206 crore.

The information has been prepared by the company with
data collected using the company's internal management
information system, which may not be adequate and books of
accounts, the filing added.

The tainted IT firm disclosed the financial details for
the period ahead of an open offer for an additional 20 per
cent by its new owner Tech Mahindra.

In April, Tech Mahindra had acquired a controlling stake
in Satyam, outbidding others in the race, valuing the software
exporter at Rs 5,800 crore. PTI JD