Satyam finally reveals financial data showing revenue slid

Company warns the data is not audited, and may be inaccurate

Embattled Indian outsourcer Satyam Computer Services released on Tuesday the financial information that was provided to investors at the time of the bid for a majority share in the company, though it warned that the information could be unreliable.

Satyam was plunged into a crisis after its co-founder B. Ramalinga Raju stated in January that the company had inflated revenue and profits for several years.

The company on Tuesday reported revenue of Indian rupees 22 billion (US$448 million at the exchange rate on the last date of the period) and net profit of rupees 1.8 billion for the quarter ended December 31.

The revenue figure represents a 2.6 per cent drop from revenue in the same quarter in 2007, while net profit dipped 58 per cent to 1.8 billion in fourth quarter 2008 from rupees 4.3 billion in fourth quarter a year earlier.

For the month of January, the company posted revenue of rupees 6.5 billion for a net profit of rupees 40 million.

Revenue was rupees 6.4 billion in February for a net profit of rupees 520 million.

The company lost 924 staff in December last year, 746 staff in January, and 1602 in February. It had 41,622 staff as on March 28.

Tech Mahindra, another Indian outsourcer, has acquired 31 per cent of the equity in Satyam and has made an offer for another 20 per cent that will give it a majority 51 per cent stake in Satyam.

The re-statement of Satyam's accounts, ordered by a government-appointed board in January, is still not complete. The figures released by the company are based on internal data available on the company's MIS (management information systems), Satyam said. The information has not yet been audited by an outside accounting firm.

PriceWaterhouseCoopers, Satyam's accounting firm, said in a note from January that Satyam accounts from 2000 to September 2008 should no longer be relied upon.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Satyam

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

John Ribeiro

IDG News Service
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?