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Satyam Oct-Dec net profit
June, 09th 2009

The scam hit Satyam Computer Services lost around 9,447 employees from January 2008 to February 2009, according to a disclosure made by the firm to the stock exchanges. After these exits, the firm has 41,622 employees on its rolls now.

Tech Mahindra, the new owner of Satyam, however, reckons that the Hyderabad based outsourcer still has an excess staff of around 10,000. The company could target employees who do not bring in revenues to the firm to cut costs, according to reports.

Nearly 1,600 people quit the firm in February 2009, a month after the defamed founder B Ramalinga Raju confessed to perpetrating a Rs 7,000 crore financial fraud early January. More people quit the company after September last year. The numbers ranged between 750 in September 2008 to 924 in December 2008.

The company has reported an attrition of 13.99% up to the quarter of December 2008, 2.53% in January 2009 and 3.64% in February 2009. Finances have been under pressure due to client exits. The company has disclosed its employee count to shareholders ahead of the open offer.

On Tuesday, Satyam Computer Services reported a stand-alone net profit of Rs 181 crore on revenue of Rs 2,294 crore in the quarter to December, the scam hit company said in a filing to the stock exchange.

The company said it had total bank balances of Rs 373 crore as at March 31. The employee count stood at 41,622, the statement to the stock exchanges said.

It posted a profit of Rs 4 crore on revenue of Rs 681 crore in January and net profit of Rs 52 crore in February on revenues of 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 companys accounts are being re-stated.

Tech Mahindra won an auction in April for a controlling stake in Satyam. It has acquired 26% stake through a preferential offer and will make an open offer to acquire an additional 31% stake. The company has disclosed its financial results and employee count in the disclosure made to shareholders.

 
 
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