A recent report by JP Morgan states that Hyderabad based, IT major Satyam Computer Services is expected to stabilise by the end of this year. The report also states that the company is expected to grow in next fiscal (2010). The report also states an expected revenue growth of the company at 9 percent in FY11 and 19 percent in FY12. The scam-tainted company stated a bank balance amounting Rs. 373 crore at the end of March 2009. The loan outstandings of the company, which were at Rs. 200 crore in the beginning of this year, grew to Rs.460-crore at the end of March 2009. However, in the first quarter of the year, the company repaid an amount of Rs.100 crore, before it raised another Rs. 369 crore, as stated in a filing. The export turnover of the company during the first quarter was Rs. 2,194 crore. The domestic earnings of the company stood at Rs.100 crore during the same quarter. The company had furnished the information in a non-disclosure agreement, which was presented to the select bidders of the company, - "Such information was provided to select bidders subject to the execution of a non-disclosure and non-solicitation agreement," as stated by the company. Recently, the Satyam board approved the prepayment of Rs 300-crore loan which the company took in February-09. On January 7, 2009, the founder and chairperson, B Ramalinga Raju, resigned; after publicly confessing his offence of inflating the company's assets by Rs. 7,800 crore. The company reported a PAT of mere Rs 5 crore for January 09. In February 09, the revenue earnings of the company fell to Rs. 676 crore, though its profit after tax soared to Rs 52 crore for the same month. In April, Tech Mahindra acquired a 31 percent stake in Satyam. |
