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Satyam
still among top five IT firms in India
Saturday, April 11, 2009,
Siliconindia
News Bureau
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New Delhi:
Despite the unpleasant developments within the organization that led
to a complete restructuring of top management, Satyam Computers
could retain its position among India's top five software service
providers, says a Senior official of Ministry of Corporate Affairs
(MCA).
"The employee strength of Satyam was around 50,000, even three
months after its founder, B Ramalinga Raju, confessed to
manipulating the books of accounts," the official told Business
Standard, on condition of anonymity.
The official pointed out that Satyam continues to have strong
revenues. The difference between its turnover and the next highest
is around 10-15 per cent.
According to the available data, HCL Technologies, which was the
fifth-largest IT firm before the scam-hit Satyam, recorded a revenue
of Rs 4,860 crore in the July-December. So, 10-15 per cent less than
HCL means Satyam's turnover is Rs 4,100-4,400 crore. At this
turnover, Satyam's top line has dipped by only 1-7 percent compared
with the year-ago period (July-December 2007).
Meanwhile, Tech Mahindra, which is looking to pick up stake in
Satyam is a distant sixth, with a turnover of only Rs 2,297 crore in
the six months ended December 2008.
After the government-nominated directors took control of
the board of Satyam, two audit firms - KPMG and Deloitte - were
asked to restate the accounts of the company. While the two audit
firms are expected to take six months for the job, the companies
that have evinced interest in picking up a stake in Satyam are being
given restated accounts for six months ended December 2008.
However, the restated accounts are not available for January-March
2009, the critical period after Raju's confession and the government
taking control of the company. The official said Satyam had
performed well in January and February by operating without taking
bank loans, adding that client churn rate was not abnormal. |
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