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Mahindra Satyam: Fresh start - Views on News from Equitymaster
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Mahindra Satyam: Fresh start
Sep 30, 2010

Mahindra Satyam reported their FY09 and FY10 audited results. This is the first time the company has reported results after the shock of fraud that shook the markets in 2008 and the takeover of the company by Tech Mahindra subsequent to that. Here are some of the highlights.

Performance summary
  • Net sales decline by 37.8% YoY. This was due to the loss of some customers who exited after the revelation of the fraud.
  • Operating margins went up 4.9% YoY, to 8.3%, during the year. This was achieved through a cost control system put into place by the company which brought down the cost of operations.
  • Bottomline before exceptional items stood at Rs. 2,923 m as against a loss of Rs. 1,848 m recorded last year.
  • The exceptional items during FY09 were for Rs. 79,920 m and were related to the fraud. During FY10, there were exceptional items of Rs. 4,169 m related to litigations, investigations and contractual settlements done with respect to the fraud.
  • The company’s employee headcount stood at 27,000 as at the end of FY10 as compared to 45,000 as at the end of FY09.
  • The company has added 44 new clients under the new management. It serviced 350 clients as at the end of FY10.

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