IT major Mahindra Satyam is likely to announce Q3 FY11 results in the second week of February, according to company sources.
"The results may be announced either on February 11 or 14. The date is yet to be fixed for the Board meeting. However, it will be in one of these two dates," said a source.
The company, formerly Satyam Computer -- which was hit by a big accounting fraud by its founder before being bought over by Mahindra -- had reported a net profit of Rs 23.3 crore and Rs 97.5 crore in Q2 and Q1 on revenues of Rs 1,242 crore and Rs 1,248 crore, respectively.
The company''s EBITDA (operating profit) margins fell from 9.1 per cent in Q1 to 5.2 per cent in Q2 on account of high employee cost, Mahindra Satyam Chairman Vineet Nayyer had said last November while announcing the results of the first two quarters.
In a bid to consolidate operations, the company is in the process of getting old customers back into its fold. Its big clients like State Farm Insurance have indicated that the company send fresh quotations for the business, a senior Mahindra Satyam official said requesting anonymity.
"State Farm Insurance is one of our marquee customers. They recently asked us to send fresh quotations. We are on the job. The contract is likely to be finalised towards this quarter-end."
The Hyderabad-based firm is also in discussions with another big client Coke, which deserted Satyam after B Ramalinga Raju, its former Chairman, confessed to having fudged accounts to the tune of Rs 7,500 crore two years ago, the official said.
