Three years after taking over reigns of the then scam hit Satyam Computers, management of the now Mahindra Satyam sees the company snapping out of the past, and is on path to becoming among the top three players, at least in few chosen verticals.
But marching to the goal post may not be easy for the company, given the signs of strain IT Services sector is facing in the US and Europe, cite top officials. “I do believe we are now fully recovered, but then now we have no alibi and cannot take the excuse of 2009 anymore. Given by any standards these are good results,” said Vineet Nayyar, chairman, Mahindra Satyam.
The IT Services firm posted a net profit of Rs 534.21 crore and a total income of Rs 1665.84 crore for the fourth quarter of FY12. This is against the Rs 308.43 crore of net profit and Rs 1718. 08 crore of total income, in the third quarter of this year. However, in the Q4 of last financial year it had reported losses of Rs 326 crore.
For the complete financial year, the scam hit company saw a net profit of Rs 1306.06 crore compared with a net loss of 147.23 crore in the previous financial year. The turnover was at Rs 6395.56 crore for FY12 as against Rs 5145.06 crore for FY11.
“With the US showing signs of strain and a large number of controversies in Europe may have an impact on the business. So instead of traditional software we are now getting into operations too,” Nayyar said.