Satyam Computer Services, hit by the Rs 7,000-crore financial fraud perpetrated by its founder B Ramalinga Raju in early January, is alive and kicking. Contrary to the general belief that the company is deep in the red, financial details shared with bidders indicate that the company has made profits in the third quarter ended December 2008, and continued to make profits in January and February despite adverse circumstances.

During Q3, the company posted a profit after tax of Rs 181 crore and revenues of Rs 2,206 crore. Though these figures are not comparable in view of the scam, the company had posted a net profit of Rs 433.63 crore and a total income of Rs 2,266 crore in the same quarter of the previous year. Thanks to the efforts of its revamped board, for the month ended January 31, 2009, Satyam had a PAT of Rs 4 crore and revenue of Rs 647 crore, and for the month ended February 28, 2009, it had a PAT of Rs 52 crore and revenue of Rs 637 crore, the company said, days before Tech Mahindra goes ahead with an open offer for an additional 20 per cent stake in Satyam.

Tech Mahindra, though its subsidiary Venturbay Consultants had announced an open offer on April 22 to buy 20 per cent additional equity in Satyam for Rs 1,154 crore at Rs 58 per share — the same price at which it bought a 31 per cent stake through a preferential issue of equity shares. The open offer would start on June 12 and end on July 1.

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