Mahindra Satyam's Q3 results likely in February second week | business | Hindustan Times
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Mahindra Satyam's Q3 results likely in February second week

business Updated: Jan 27, 2011 19:02 IST
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Mahindra Satyam is likely to announce its Q3 FY 11 results in the second week of February, according to sources in the IT major.

"The results may be announced either on February 11 or 14. The date is yet to be fixed for the Board meeting. However it will be in one of these two dates," they said on Thursday.

The numbers will be better than those of Q1 and Q2, sources added.

The company (formerly Satyam Computer) had reported a net profit of Rs 23.3 crore and Rs 97.5 crore in Q2 and Q1 on revenues of Rs 1242 crore and Rs 1248 crore, respectively.

The EBITDA margins fell from 9.1 per cent in Q1 to 5.2 per cent in Q2 on account of high employee cost, Vineet Nayyer, Chairman of Mahindra Satyam, had said during the announcement of first two quarter results in November last.

The IT firm is also in the process of getting old customers back into its fold. Big clients like State Farm Insurance have indicated the company to send fresh quotations, a senior Mahindra Satyam official said requesting anonymity.

"State Form Insurance is one of our marquee customers. They recently asked us to send fresh quotations. We are on the job. The contract is likely to be finalised towards this quarter-end."

The Hyderabad-based firm is also in touch with another big client Coke, which deserted Satyam after B Ramalinga Raju, its former Chairman, confessed to having fudged accounts to the tune of Rs 7,500 crore two years ago, the official said.