Tuesday, June 9, 2009

Satyam Computer stand-alone net profit at Rs 181 cr in Q3

The scam tainted Satyam Computer Services has reported a stand-alone net profit of Rs 181 crore on revenue of Rs 2,294 crore in the third quarter ended on December 2008.

In a filing to the Bombay Stock Exchange (BSE), the Company said it had total bank balance of Rs 373 crore as on March 31. The employee count stood at 41,622.

It posted a profit of Rs four crore on revenue of Rs 681 crore in January and net profit of Rs 52 crore in February with the revenue being Rs 637 crore.

Satyam plunged into crisis after its founder B Ramalinga Raju confessed to perpetrating a Rs 7,000 crore financial fraud in early January. The Company's accounts are being re-stated.

Tech Mahindra had successfully bid in April for a controlling stake in Satyam. It has acquired 26 per cent stake through a preferential offer and will make an open offer to acquire an additional 31 per cent stake. The Company has disclosed its financial results and employee count in the disclosure made to shareholders.

The financial information was prepared using internal management information system and had not been audited, reviewed and examined by an independent auditor.

The financial information is, however, being disclosed because of an open offer that Tech Mahindra is launching on June 12,2009 to acquire up to 20 per cent stakes from Satyam's shareholders, the Company said.

Both BSE and National Stock Exchange excluded Satyam Computer from their respective key benchmark indices with effect from, January 12, 2009. Sun Pharmaceuticals Industries has replaced Satyam on the Sensex, while Reliance Capital has replaced Satyam on the Nifty.

The company's shares were locked at upper limit of ten per cent at Rs 67.15 in the noon session at the BSE after the results were declared. On BSE, 1.40 crore shares were traded in the counter. The scrip had an average daily volume of 1.47 crore shares in the past one quarter.

The stock hit a low of Rs 58.25 so far during the day. It had registered a 52-week high of Rs 502 on June 9,2008 and a 52-week low of Rs 11.50 on January 9,2009, brokers said.

Meanwhile, Tech Mahindra was trading higher at 13.12 per cent at Rs 671 on the BSE.

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