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Satyam reports Rs 181 cr profit
June, 10th 2009

In the first official financial status report after Ramalinga Raju's exit, the scam-hit Satyam in a filing to the stock exchanges has stated that the company's total income (stand alone) for the quarter ended December 31, 2008 was Rs 2,206 crore and it posted a profit after tax (PAT) of Rs 181 crore.

Satyam's total income for January was Rs 647 crore and net profitwas Rs 4 crore. For February, its total income was Rs 676 crore and net profit was Rs 52 crore.

However, the Satyam management in its filing has cautioned that the results are based on information available in the company's management information system and not necessarily in compliance with generally accepted accounting principles. It informed that in the absence of proper records a lot of information has been derived on the basis of assumptions. In other words, the information may prove to be incorrect after Satyam's incomes are restated by the two auditing companies that are on the job presently.

The filing also reveals that 66 contracts of a value of $183 million as on March 26, 2009 had been cancelled after the scam broke out. However, what is interesting is that for the same period Satyam signed 215 contracts (including some from new customers) of a total value of $380 million. That implies a net gain of $197 million.

Satyam also informed the bourses that it had 41,622 associates (employees) on March 28, 2009 down from 46,115 as on December 31, 2008. In January it was 45,049 and in February it was 44,120.

The company has listed the class action suit in the US and the UPaid case as the major disputes it is facing. Interestingly, the filing said that there was an unacknowledged claim: "recieved letters from 37 companies requesting for sums allegedly owed to them by Satyam aggregating Rs 1,230 crore". The present management of Satyam has not acknowledged the claims obviously made by Raju's privately owned companies.

The filing was made before the stock exchagnes to make public the information that had been supplied to bidders earlier so that they could take a decision about acquiring Satyam. "This is the basis on which Tech Mahindra picked up a stake and is trying to salvage a potentially sinking Satyam, of course with government support. But with so many disclaimers to the 40 page filing, I wonder how much of it will turn out to be authentic," an analyst said.

However, this is the first time that some figures of the company were available to the public after the scam broke out. The company did not declare its third quarter results for the period ended December 31, 2008, as Raju admitted to fudging figures in his sensational confession on January 7 necessitating restating of accounts.

 
 
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