Mahindra Satyam details FY09, FY10 losses
29 Sep 2010
Mahindra Satyam today reported a loss of Rs125 crore for the financial year ended 31 March 2010 and a Rs8,177 crore loss for the previous financial year ended 31 March 2009.
This is the first time that the scam-tainted former Satyam Computer announced its financial results after the Satyam fraud came to light in 2008.
Mahindra Satyam said its fiscal 2010 revenue stood at Rs5,481 core against revenues of Rs8,813 crore in 2008-09.
Due to the restatement efforts and the extent of the fraud, there are certain exceptional items in the financial statements, the company said in its filing with the stock exchange.
Exceptional items included a Rs7,992 crore and Rs416.9 crore in FY09 and FY10 respectively.
Loss after tax adjusted for exceptional items was Rs184.8 crore for FY09 and a profit after tax of Rs292.3 crore FY 10.
Cash and bank balances of the company stood at Rs2,176 crore as on 31 March 2010.