Tech Mahindra Q3 profit unchanged at Rs 276 cr
Feb 06 2013 , Bangalore
Profits for the December quarter was Rs 276 crore unchanged from the year-earlier period, Tech Mahindra said on Wednesday.
Tech Mahindra, which is merging Satyam Computer with itself, is in the penultimate stage of the process, Executive Vice Chairman Vineet Nayyar said last week.
Billionaire chairman Anand Mahindra, purchased Satyam in a government-sponsored sale in 2009 after the founder of the Hyderabad-based company admitted to one of the country's biggest accounting frauds.
Last week, Satyam, now called Mahindra Satyam, topped estimates excluding a one-time payment to settle claims by Aberdeen global, related to the accounting fraud. This settlement, reached in December, was the last of such agreements, Nayyar told reporters on January 31.
Tech Mahindra owns close to 43% of Satyam. It is offering one share in itself for every 8.5 shares of Satyam to absorb the company. The combined company will be India's fifth-largest software services provider, with customers such as BT Group PLC, AT&T and SAAB.