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Fraud-hit Satyam has Rs.373 crore bank balance

Tuesday, June 09, 2009 (14:14:13) Tags: Business, Satyam, Bank Mumbai: The fraud-tainted Satyam Computer Services has a bank balance of Rs.373 crore (about $75 million) as on March 31, the IT bellwether said today. In a regulatory statement, Satyam said it has posted standalone net profit of Rs.181 crore ($38 million) on revenue of Rs.2,290 crore in the December quarter. The company reported net profit of Rs.4 crore in January and revenues of Rs.681 crore. In February, its profit soared to Rs.52 crore though revenues dropped to Rs.676 crore, the statement said. This is the first publicly disclosed earnings estimates from Satyam since the disgraced former chairman Ramalinga Raju confessed inflating the company's balance sheet and assets by Rs.78,000 crore or more than $1 billion. The company said it cannot guarantee the accuracy of the results as Satyam's financial figures stretching back to 2000 have yet to be verified by an independent auditor. (IANS)