Mahindra Satyam Announce 4th Quarter Results; Hiring 17000 Employees

In an interview, Vineet Nayyar, Chairman, Mahindra Satyam said, “Q4 is another quarter that demonstrated continuing progress on growth, operational efficiencies, high delivery standards and investments to capability building.”

Mahindra Satyam declared their fourth quarter result on Monday and their income from operations increased almost 8% to Rs. 1,375.3 crore in 4th quarter over Rs. 1,279.3 crore during the same period last year. However, the company has registered a loss of Rs. 327 crore in the fourth quarter and a loss of Rs.147 crore in the financial year 2010-11.

Mahindra Satyam attributes the loss to restructuring, forensic investigation and litigation support, class action settlement, consideration and provisioning for impairment losses in subsidiaries. Mahindra Satyam had to pay Rs. 569 crore towards the settlement of class action lawsuit in the US. However, experts opine that but for this extraordinary item of expenditure, Mahindra Satyam could have returned a profit of Rs. 87 crore.

 

Mr.Nayyar said that the merger between Tech mahindra and Mahindra Satyam was expected to be completed by April/May 2012 after the necessary permissions are obtained from the Securities Exchange Commission.

Mahindra Satyam added 434 employees in the fourth quarter and their total employee count is now around 30,000.
?
M.V.Sridhar, head of recruitment, confirmed: “We will hire more than 12,000 people this fiscal and another 5,000 will be hired from campuses, either from engineering or management colleges.” By the end of this financial year, Satyam Mahindra’s employee number is expected to be around 50,000 which is just 3,000 less than its pre-crisis original staff strength of 53,000.

Mahindra Satyam succeeded in getting12 new customers in the last quarter of the financial year 2000-11. C.P.Gurnani, CEO, Mahindra Satyam, said that the Company was looking for new clients from the emerging economies instead of relying exclusively on the established economic powers.

Apparently, things are going well for Mahindra Satyam. This should prove to be a shot in the arm for Indian IT industry.

• About the Author

About Sprightly Spirit

“I dare do all that may become a man. Who dares more is none”. And all, may be. It may be the vigor. Or the spirit. Or the courage to avoid being “politically correct” or bent. And, ban all averse with immaculate overture of graciously fathomable words firm in views. Subtle. Justifying the undying conscience. Values. Knowledge. And, dares to stay true. True to own. True to the world. And, to the words. With a dream in eyes it exists. In you. In me. In all. The sprite that never shies away. The spirit that never dies!