Mahindra Satyam Q4 net down 15%

New Delhi, May 17: Hyderabad-based IT and consulting services company Mahindra Satyam reported a 15 per cent decline in net profit to Rs 454 crore for the quarter ended March, 2013, as compared with Rs 534 crore in the corresponding quarter last year. While Mahindra Satyam made a tax provision of Rs 75 crore this time, it had availed of a Rs 94-crore tax deferment in the corresponding quarter last year. Total revenues grew 15.47 per cent to Rs 2,008 crore in the quarter under review as compared with Rs 1,739 crore in the corresponding previous quarter.The company could also improve the gross profit margin to 20.1 per cent from 17.5 per cent in the year ago period.During the year, revenues, including the other income, grew 17.54 per cent to Rs 8,011 crore from Rs 6,815 crore in the previous year.The net profits of the two comparable quarters had an addition of Rs 134 crore and Rs 109 crore respectively, written back from the earlier provisions towards assumed losses when the company was taken over by Mahindra.With the right back of earlier provisions and by declaring a dividend of 30 per cent to the shareholders during the quarter under review, the company said the turnaround of the firm was complete. Hopefully, the long wait of the shareholders for this moment is over,” Vineet Nayar, chairman of Mahindra Satyam, said.For the full year ending March, 2013, the company's net profit stood at Rs 1,164 crore, a decrease of 10.9 per cent over Rs 1,306 crore in the previous year even though the profit before tax grew 14.8 per cent, as the tax provision stood during the year stood at Rs 412 crore as compared with Rs 85 crore in the previous year.Overall, the company said North America, which contributes about 55 per cent to the revenues, showed a reasonable growth of 9 per cent during the last financial year while Europe witnesses a negative growth to the extent of 6 per cent.