Satyam says business gaining momentum in 2009

09 June 2009

Satyam Computer Services on Tuesday reported a Rs160 crore profit for the October-December 2008 quarter amidst its financial woes. The scam-hit IT company also said it had a bank balance of Rs373 crore as of end-March 2009.

Between 9 January  and 31 March 2009, Satyam also had total sales of Rs2,064 crore, with Rs736 crore at the end of January, Rs636 crore in February and Rs692 crore in March.

"The company's total bank balances as on March 31, 2009, were Rs373 crore ($74.6 million). Out of the sanctioned loan limit, as on 31 March  2009, the company had availed loans worth Rs469 crore ($93.8 million), Satyam said in a filing with stock exchanges.

The October-December figures were about a third of the year-ago results, when the company had posted a net profit of Rs433.63 crore and a total income of Rs2,266 crore.

The announcement came within a month of Tech Mahindra acquiring controlling stake that valued Satyam at Rs5,800 crore.

Satyam said it had an outstanding loan of Rs200 crore at the beginning of 2009 and it availed fresh loans of Rs369 crore in the first quarter. However, it also repaid Rs100 crore of loan, Satyam said in the regulatory filing with stock exchanges.