Mahindra Satyam posted fourth-quarter (January-March) net loss of Rs 327 crore quarter-on-quarter against a net profit of Rs 58.9 crore, despite higher net sales and operating margins.
The company attributed the net loss to one-time exceptional charge to settle back-dated litigation.
The company said it paid Rs 571 as settlement towards class action litigation and that it has made provision to cover any probable loss due to any further litigation even as action commenced by British firm, Upaid System, remains currently adjourned.
The information technology company's fourth quarter net sales rose 7% at Rs 1,375 crore quarter-on-quarter from Rs 1,279 crore.
It made a profit before exceptional expenditure of Rs 234 crore and said that all exceptional charges have been cleared off.
In the quarter under review, EBITDA (earning before income, tax, depreciation and amortisation) margins rose to 13% from 6.4% a quarter ago.
Source: www.moneycontrol.com.
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Priyanka Kothari,
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