Thu, 31 Jan 2013 21:41:07 GMT | By The Hindu Business Line

Mahindra Satyam net profit drops 74% to Rs 79.98 cr

Mahindra Satyam has reported a 74 per cent fall in net profit for the quarter ended December 31, 2012, compared with Rs 308.43 crore for the year-ago quarter


Mahindra Satyam net profit drops 74% to Rs 79.98 cr (© Reuters)

Hyderabad: Mahindra Satyam has reported a 74 per cent fall in net profit after Minority Interest at Rs 79.98 crore for the quarter ended December 31, 2012 compared with Rs 308.43 crore for the quarter ended December 31, 2011. Total income has increased from Rs 1,869.35 crore for the quarter ended December 31, 2011, to Rs 2,050.61 crore for the quarter ended December 31, 2012, according to a company filing to the BSE.

The company's shares ended down 2.32 per cent at Rs 119.90 on the BSE. In the September quarter, the Americas contributed 53 per cent to the turnover, up from 52 per cent in the same quarter previous year. The European Union contributed 22 per cent (24 per cent) and the rest of the world 25 per cent (24 per cent).

The manufacturing sector continued to have the lion's share of 34 per cent (32 per cent) in that quarter, followed by Technology, Media and Entertainment with 20 per cent (21 per cent) and BFSI with 20 per cent (19 per cent).

The company is facing a slew of legal issues in the Andhra Pradesh High Court, including one from IL&FS arm that called for winding up of the company for not repaying the advances it gave to the firm during the Ramalinga Raju regime.

The company awaits the nod of the court for its merger with Tech Mahindra. The court called for a report from the chartered accounting firm Brahmayya and Co. on the scheme of amalgamation.

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