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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World India's Mahindra Satyam shows fiscal year quarterly profit AFP - Tuesday, November 16 Send IM Story Print India's Mahindra Satyam shows fiscal year quarterly profit Slideshow: Full Photo Coverage: Business & Economy MUMBAI (AFP) - – India's outsourcing firm Mahindra Satyam, recovering from the country's biggest-ever corporate fraud, on Monday reported its first profits since the scandal erupted. Giving earnings figures for two separate quarters, it said it showed a profit of 975 million rupees (21.8 million dollars), on revenues of 12.48 billion rupees for the three months ending in June. For the three months to September, the second quarter of its financial year, net profit stood at 233 million rupees, down 76 percent over the previous quarter, on revenues of 12.42 billion rupees. The figures were the first quarterly earnings reported by the firm since an accounting scandal pushed it to the edge of bankruptcy in January 2009. Satyam shocked the corporate world when its former chairman B. Ramalinga Raju said in a letter to stock exchanges that he had for years overstated profits and inflated the balance sheet by over a billion dollars. The company started reporting financial details again in September this year after a gap of 18 months, with a net loss of of 1.24 billion rupees for the 12 months ending March this year, on 54.8 billion rupees revenue. Just three months after the scandal India's mid-sized outsourcer Tech Mahindra paid nearly 600 million dollars for a majority share in Satyam. Satyam delisted itself from the New York stock exchange earlier this year for fear it would not be able to meet the US deadline to file restated financial accounts. The board is still to decide on filing earnings by US accounting norms, but the company continues to be traded on local stock exchanges. Earlier this month Raju, suffering from hepatitis, surrendered to a local court in the southern city of Hyderabad after his bail was revoked. Raju, 56, and a total of nine others are accused of embezzling around three billion dollars from Satyam, once ranked amongst India's top software firms. Raju faces a series of charges including conspiracy, cheating and forgery. Recommend Send IM Story Print Related Articles Adidas to push and price aggressively in China Reuters - 25 minutes ago Growing South Korea moves to tame inflation AFP - 27 minutes ago Moody's changes China Merchants' Baa2 outlook to stable from neg Reuters - 31 minutes ago AIRSHOW-UPDATE 2-China wins 100 orders for first jetliner Reuters - 32 minutes ago BRIEF-Elbit Systems Q3 results Reuters - 32 minutes ago News Search Top Stories Paraguay nixes expedition to remote tribal region Crunch time for euro nations as markets taste blood US truck dealer triggers buying spree with free AK-47s Heavy smoking in pregnancy linked to crime in offspring GM eyes Thursday end for 'Government Motors' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Greece admits breach of bailout terms as audit begins Branson to serve as 'stewardess' after losing F1 bet Muslims scale Mount Arafat as hajj peaks Sushi wars: fight looms over bluefin tuna Travolta jets home as wife goes into labour More Most Viewed » Alcohol more harmful than heroin, crack cocaine: study Toddler survives seven-floor fall in France EU fines 11 airlines 800 million euros for air cargo cartel 'Naked' airport scanners may be 'dangerous' Be fit, have fewer colds: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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