Mahindra Satyam on Wednesday reported a net loss of Rs 124.6 crore ($27.8 million) for the year ended March 2010, giving the first view of its financials almost two years after it was hit by India's biggest corporate fraud.
The company's FY10 net sales stood at Rs 5,481 crore. The cash and bank balances were Rs 2,176.8 crore as on March 31, 2010
Mahindra Satyam on Wednesday reported a net loss of Rs 124.6 crore ($27.8 million) for the year ended March 2010, giving the first view of its financials almost two years after it was hit by India's biggest corporate fraud.
The company's FY10 net sales stood at Rs 5,481 crore. The cash and bank balances were Rs 2,176.8 crore as on March 31, 2010
For year ended March 2009, it posted a net loss at Rs 8,176.8 crore on net sales of Rs 8,812.6 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 fourth-largest outsourcing firm, has not reported results beyond the September quarter in 2008.
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