Mahindra Satyam Result Declared after 2 years – ADR Down

Mahindra Satyam, formerly known as Satyam Computer Service reported a net loss of Rs 124.60 crore in its Financial Year 2010. In the last Financial Year 2009 of the company, the net revenue loss went flat to Rs 8,176.8 crore against the net sale of Rs 8,812.6 crore. This is the first revenue results of the company after it came into limelight of major fiscal fraud committed by its founder B Ramalinga Raju in 2009.

While declaring the results in Hyderabad on Wednesday, TechM said that it kept the transparency of company’s responsibility by announcing the results. Indirectly, his statements gave a slink preview of the scandalous manipulation of accounts by Ramalinga Raju. “Announcement of the results represents our commitment to keep company’s transparency and agility intact,” said Vineet Nayyar, chairman of MSat and vice-chairman of Tech Mahindra. Adding further he said the company incurred considerably huge expenses because of the accounting fraudulent during 2008-09 and 2009- 10 respectively. He also expressed MSat’s resolve to clear-off all the bank borrowings and said the company’s present net worth is positive.

Citing the matter as sub-judice, the company refused to comment over 1200 crore liabilities claimed by Maytas Infra Ltd and Maytas Properties related to inter-corporate deposits.