Satyam posts Rs.124.6 cr net loss in FY 2010

HYDERABAD, INDIA: Fraud-hit Satyam Computer Services, which was renamed Mahindra Satyam following the take over of Tech Mahindra, on Wednesday announced its financial results for the first time after the fraud came to light.

For the financial year 2009-10, it reported a net loss of Rs.124.60 crore on sales of Rs. 5481 crore. For the previous financial year (FY 2009) the loss stood at Rs 8176.8 crore on a revenue of Rs 8372 crore.

Satyam stunned investors in January 2009 when its former chairman and founder Ramalinga Raju said profits had been overstated and assets falsified in a fraud allegedly worth over $1.5 billion.

Tech Mahindra, which bought Satyam in April 2009 and is operating it as an independent company, has said it can only merge the firm into the parent after the restated results for fiscal years 2009 and 2010 are announced.

Mahindra Satyam, which once ranked as India's No. 4 outsourcing firm, has not reported results beyond the September quarter in 2008.