Vineet Nayyar the chairman of Mahindra Satyam aims to complete the merger of its company with Tech Mahindra in eight weeks following a clearance for amalgamation from Andra Pradesh High Court
Tech Mahindra has posted good Q4 numbers, with revenue for the fourth quarter up 6.5% to Rs 1,907 crore, and profit growth at 36.8%. The management says the need for telecom has grown and diversified and a number of devices are in the market, creating an insatiable demand for data.
In an interview to CNBC-TV18, Vineet Nayyar, Vice Chairman of Tech Mahindra talked much delayed merger of Mahindra Satyam with Tech Mahindra. He informed that almost every process has been completed, barring some litigations by 13 Ramalinga Raju companies.
A long-planned merger between Tech Mahindra Ltd and Satyam Computer Services has been delayed by an additional six months that is up to September 30.
Mahindra Satyam reported its third quarter profit at Rs 80 crore rupees. This figure is against the expectation of an increase in profit to Rs 323 crore rupees.
Vineet Nayyar, Vice Chairman, Tech Mahindra told CNBC-TV18 that though BT's IT budget is coming down, but Tech Mahindra still remains their preferred partner.
Mahindra Satyam on Thursday beat expectations with its first-quarter results. Consolidated revenues grew over 12% at Rs 1,880 crore on a sequential basis.
IT firm Mahindra Satyam reported a growth of 21% in revenues and sharp increase in margins in the fourth quarter, in a backdrop of an uncertain business environment globally.
Krithika Saxena of CNBC-TV18 catches up with CP Gurnani, CEO, Mahindra Satyam; Sonjoy Anand, CFO, Tech Mahindra and Vineet Nayyar, chairman of Mahindra Satyam and vice chairman of Tech Mahindra for the details and the way forward for the merged entity.
Mahindra Satyam posted consolidated net profit at Rs 308 crore versus Rs 238 crore last year. Speaking to CNBC-TV18, Vineet Nayyar, chairman; CP Gurnani, the CEO and Vasant Krishnan, the CFO of Mahindra say that the company is now crossing over from the restructuring phase on to a growth phase.
CP Gurnani, the man who led his team to turnaround the erstwhile Satyam Computers and now Mahindra Satyam, said that the company has enough resources to wade through the legal battle over claims with the IT department.
Mahindra Satyam has files suit against former board of directors, certain former employees and auditor Price Waterhouse. Vineet Nayyar, chairman of Mahindra Satyam says, the company has suffered incredible loss.
Wage hikes and poor BT revenues lead to a disappointing 13% fall in profits to Rs 240 crore for Tech Mahindra, India’s 5th largest IT exporter.
CNBC-TV18 catches up with Vineet Nayyar, chairman of Mahindra Satyam to get his perspective on the business prospects of his company and the sector in the current quarter and the way forward.
Despite an overhang of litigations, Mahindra Satyam seems to be attracting business. Speaking to CNBC-TV18 exclusively, chairman Vineet Nayyar said that they had signed a large deal in worth USD 200 million in the previous quarter, which should reflect in the topline in the coming quarter.
Mahindra Satyam posted a net loss of Rs 327 crore in Q4 against a net profit of Rs 58.9 crore (QoQ). However, in an exclusive conversation with CNBC-TV18, the company's top honchos appeared unperturbed.
CP Gurnani of Mahindra Satyam, in an interview with CNBC-TV18’s Ekta Batra and Reema Tendulkar, spoke about their tax case.
Vimal Kaushik, MD & CEO, IL&FS Engineering & Construction, in an interview with Udayan Mukherjee and Mitali Mukherjee, spoke about the latest happenings in his company and gave his outlook for the company going forward.
“The basis of Rs 616 crore tax is fictitious income shown by R Raju as a Chairperson of Satyam during his tenure, says Vineet Nayyar chairman of Mahindra Satyam.
Terming the Mahindra-CISCO alliance "strategic", Mahindra Satyam's CEO CP Gurnani said this is positive for the company. Projecting revenue generation of USD 500-750 million over the next five years, Gurnani said the company would meet the industry’s growth expectations over the next five to six quarters.
Mahindra Satyam has agreed to settle US shareholder litigation arising from a 2009 accounting fraud, total of USD 125 million to the four lead plaintiffs for the class action suit.
Speaking on the road ahead for the company, in an exclusive interview with CNBC-TV18 Vineet Nayyar, Chairman, Mahindra Satyam said, "We have charted for ourselves a path. We must learn how to contain our expectations. What we have done is an organic recomposition of the company using various levers to expand our margins to th."