Mahindra Satyam net down 15%

IT services firm Mahindra Satyam today reported 15 per cent decline in profit after tax at Rs 454.12 crore for the fourth quarter ended March 2013 due to higher personnel expenses and provision for taxes.

Profit for the same period in the previous fiscal was at Rs 534 crore, Vineet Nayyar chairman Mahindra Satyam said at a press conference.

The company's consolidated revenue stood at Rs 1,936 crore up 16 per cent year of year basis from Rs 1,666 crore, Nayyar said.

According to the statement issued by MSat, personnel and subcontractual expenses have gone up to Rs 1,284 crore during 2013 March quarter against Rs 1,114 crore during the same period in the previous fiscal.

The company has made Rs 75 crore towards tax provision compared to Rs 94 crore reverse tax credit in the previous period.

Mahindra Satyam has declared 30 per cent dividend, signalling a complete turnaround after the January 2009 accounting scam involving Ramalinga Raju.

"The turnaround of Mahindra Satyam is symbolically and practically complete. The merger (with Tech Mahindra), which is in its penultimate phase, will open a new chapter for the company. We thank all stakeholders for supporting us during this crucial phase," Nayyar said.

Revenue for the full year 2012-13 stood at Rs 7,693 crore up 20 per cent on a year on year basis. Profit after tax was down by 11 per cent at Rs 1,164 crore during FY'13 against Rs 1,306 crore in FY'12.

"There have been upheavals globally in the economic situation. USA is coming back and the demand is expected to pick up there. At this moment, the anticipated change in the Visa regime in USA is difficult to forecast," Nayyar said.

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