Mahindra Satyam FY10 Loss at Rs 125 cr

Mahindra Satyam (formerly Satyam Computer) today reported a consolidated loss of Rs 124.60 crore for year ended March 2010, a far better show from the previous fiscal when it had plunged into a deep crisis after founder B Ramalinga Raju admitted to multi-crore rupee scam.

Cash and bank balances were to the tune of Rs 2,176.8 crore as on March 31, 2010. The loan balance as of March 31, 2010 was Rs 422 crore.

The results of Mahindra Satyam were keenly awaited across industry and markets as the real financials were shrouded in mystery after the scam --said to be India's biggest corporate fraud-- came to the light in 2009.

Mahindra Satyam CEO C P Gurnani said the company will take two years to turn around.

The total income of the company stood at Rs 5,481 crore for the last financial year. In 2008-09, total income was Rs 8,812.6 crore.

Exceptional items stood at Rs 7,992 crore and Rs 416.9 crore for the fiscals 2008-09 and 2009-10, respectively....reported by Business Standard

"We will inculcate the highest values of Corporate Governance, for which the Mahindra group is renowned for, in shaping the future of this organisation," Nayyar said.

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