Time for reflection, quiet appreciation on Mahindra Satyam: Mahindra

Mahindra, thanked the government and eminent banker Deepak Parekh for swiftly resolving the crisis

Expressing happiness over the performance of Mahindra Satyam, Mahindra Group chief Anand Mahindra today said it is time for "reflection and quiet appreciation" rather than noisy celebration.

His comments come a day after Mahindra Satyam declared the first dividend in four years, symbolising a complete turnaround.

Mahindra, who is also the Managing Director of $15.9 billion multinational group, thanked the government and eminent banker Deepak Parekh for swiftly resolving the crisis.

He congratulated the employees at Mahindra Satyam saying "You did us proud."

"Mahindra Satyam pays 1st dividend since takeover. It's a business cliche that all company victories, big or small must be celebrated.

"But 'celebrations' are usually noisy and this victory is so important that it requires not noise, but reflection and quiet appreciation," Mahindra said in a post on his Twitter account.

Tech Mahindra took over reins of the scam-tainted Satyam Computer Services in 2009 after its then Chairman B Ramalinga Raj admitted to overstating company financials. Mahindra Group later re-branded the Hyderabad based firm as Mahindra Satyam.

The software services firm yesterday reported 15% decline in profit at Rs 454.12 crore for the fourth quarter ended March 2013 while posting 16% growth in consolidated revenues at Rs 1,936 crore. It also declared 30% dividend.

"And so I bow low in appreciation to: Those in government who designed the format of a swift, efficient resolution of the crisis. I bow to Deepak Parekh and his band of brothers who administered the company and its auction," Mahindra added.

He also thanked Mahindra Satyam Chairman Vineet Nayyar, Chief Executive Officer CP Gurnani. "And finally I bow to Vineet, CP and the indomitable women and men of Mahindra Satyam who made this remarkable turnaround," he said.