Mahindra Satyam is all set for its Nasdaq relisting in the financial year 2011-2012. “There are only two things which are holding us back from this listing. One is to complete the merger and the second is to ready our US GAAP accounts. By the financial year 2011-12, both these processes will be behind us,” said CP Gurnani, CEO, Mahindra Satyam on the sidelines of Nasscom India Leadership Forum 2011.
He said the company’s focus is to make its accounts correct. However, no timeline has been set for the same. “We are being held back by our financial advisors as they say that they are clearing the debt. We have started reporting the quarterly results,” he added.
Gurnani also sounded hopeful about the IT industry getting back to normal business, with the deals coming back, and the reporting process falling in place.
“Overall, it is a clear sign of recovery. Despite the Euro crisis and the nervousness in the US, the appetite for Indian IT services has continued to be high,” said Gurnani.
“In my opinion, big deals will not be there but a number of smaller deals are coming in,” he added. His definition of big deals is those above $100 million. The company is getting back confidence among the clients, but according to Gurnani, what is coming to the table is small and medium deals ranging from $10-90 million. Commenting on the Tech Mahindra reorganisation, he said, “IT is the most dynamic and growth-oriented sector, and responding to this, every organisation looks at a few changes every year. It is like responding to the market needs.”
When asked about the growth targets, Gurnani said that they are still recovering from the fraud impact. “You are talking about a company which is still recovering from the impact of a fraud. I will be happy if we grow at the levels that have been projected by Nasscom.”
In terms of services, he sees a huge growth in the enterprise mobility segment. He also said that demand for business operation is growing. “All markets are vibrant and have a huge potential. There is a bit of nervousness about the unrest in Egypt and West Asia. However, it comprises a very small fragment for the IT industry,” he said.
FinancialExpress