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Feb 14, 2011, 06.00 PM IST | Source: CNBC-TV18

Will take 3-yrs for turnaround, says Mahindra Satyam

Speaking at a press conference, Vineet Nayyar, chairman of the company said the consolidate cash and cash equivalents at Rs 3,048 crore compared to Rs 2,996 crore. "We will take three for a turnaround," he informed.

Vineet Nayyar, Chairman, Mahindra Satyam

Mahindra Satyam , formerly known as Satyam Computer Services, on Monday reported an over two-fold sequential jump in consolidated net profit for the quarter ended December 31, 2010, to Rs 58.9 crore.

The company had reported a consolidated net profit of Rs 23.3 crore for the July-September quarter of 2010. Speaking at a press conference, Vineet Nayyar, chairman of the company said the consolidate cash and cash equivalents at Rs 3,048 crore compared to Rs 2,996 crore. “We will take three for a turnaround,” he informed.  

The company's profits came in at Rs 112 crore before exceptional items, he said adding, “We are cautiously optimistic for the coming year.”

He said the company's transformation plan is in the right direction. “Europe has taken lead in growth in the third quarter.”

“We have made progress in most legal cases,” Nayyar said. 

The company has appointed Vasant Krishnan as its new chief financial officer effective as of March 1. “We are very pleased to have Vasant join our management team to provide financial and strategic leadership to Mahindra Satyam. His experience will enable greater levels of transparency within the Company and help adhere to industry standards,” Nayyar said about the appointment.

The company has put on hold its planned merger with new parent Tech Mahindra due to the ongoing probe into the Satyam accounting fraud, chief executive CP Gurnani.

For complete press conference, watch videos.

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