Satyam update

(By Anthony Miller – Wednesday 10th June 2009 3:00pm). Further to our earlier posting (Satyam profit surprise – and M&A angst), I now have access to the financial reports referred to. They are in fact the unaudited management accounts as presented to Satyam’s bidders earlier in the year and, as such, came with more caveats than from a used car showroom.

With that warning in mind, the consolidated figures for the quarter ended Dec. ’08 show total revenues of $456m, PBIDT (I assume, profit before interest, depreciation and tax) of nearly $53m and net profit of $31m. Figures for Jan. ’09 were more subdued but Feb. ’09 looked better, with 17.5% margins for the stand-alone company (i.e. without subsidiaries – some still loss-making I would hazard a guess, e.g. BPO).

There’s still a ways to go before we get the (re-)audited numbers, but these certainly got investors excited – Satyam’s US-listed ADR is up 20% today to $4.38, still under half the value just before Raju ‘jumped off the tiger’.