'Mahindra Satyam doing well,getting new contracts'

Asserting that the company is 'doing well', Mahindra Satyam CEO C P Gurnani said on Tuesday it is receiving many new contracts, especially from entities in Australia and New Zealand.

"The company is doing well and is getting many new contracts.

The company has added 44 new accounts till March, 2010, and particularly Australia and New Zealand are doing extremely well. . . Let's focus on these regions today and I promise you a lot more of business coming from these regions," Gurnani told PTI.

The company has customers from diverse sectors such as insurance, banking, BPO, retail, manufacturing and aviation.

"The company has about 1,000 employees in the Australia and New Zealand region, while around 2,000 people provide support (to these operations) from India," Mahindra Satyam head (sales and New Business Development in Australia and New Zealand) Bobby Gupta said.

Mahindra Satyam recorded a net loss of Rs 125 crore (Rs 1.25 billion) on revenue of Rs 5,481 crore (Rs 54.81 billion) in the year ended 2009-10.

On September 29, the company reported its yearly financial numbers for the first time since founder-chairman Ramalinga Raju admitted to cooking up the company's account books in January, 2009.

Formerly

Gurnani said the company will announce its first and second quarter results on November 15.

As of March 31, the company's cash and bank balance stood at Rs 2,176.8 crore (Rs 21.76 billion) and its loan balance was Rs 422 crore (Rs 4.22 billion).

Mahindra Satyam, which boasts of many Fortune 500 companies as clients, has development and delivery centres in the US, Canada, the UK, Egypt, UAE, China and Singapore, among other countries.