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INTERVIEW-UPDATE 1-Mahindra Satyam adds clients, says worst over

Sun Nov 8, 2009 5:28pm IST
 
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* Added 35 customers, lost three since mid-April

* Spending by financial services sector to improve

* Governments, health care also to drive spending growth (Adds further details, quotes, background)

By Tony Munroe

NEW DELHI, Nov 8 (Reuters) - Indian IT services firm Mahindra Satyam has added 35 new clients since April 13 and lost just a handful, said the firm's chief executive, adding that the worst was behind it and that spending by key customer groups was improving.

Mahindra Satyam (SATY.BO: Quote, Profile, Research), earlier known as Satyam Computer Services, was acquired by India's Tech Mahindra (TEML.BO: Quote, Profile, Research) in April after the firm was hit by India's biggest corporate fraud, which came to light in January.

"I do believe that we are now stable from a customer, or a delivery perspective," C.P. Gurnani told Reuters TV on Sunday.

"I am very, very clear that the bottom is behind us and we are back on a path to recovery," he added in the interview on the sidelines of a World Economic Forum event in New Delhi.

He said the company, which lost 25 to 30 percent of its customers between January and Tech Mahindra's agreement to take over the firm on April 13, had since then added 35 new customers and, to his knowledge, lost just three.  Continued...

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