The software firm Mahindra Satyam, which was Satyam Computers formerly has released its financial results for the year 2009-10 on Wednesday and the performance report for the first two quarters of the current fiscal year is scheduled to be released on 15th of November.

After that the company will approach the High Courts of Maharashtra and Andhra Pradesh to start the procedure of merger which will take 9 to 10 months of time to be completed.

The company has reported a total income of Rs. 5481 crore and also reported a loss of Rs. 124.60 crore for the year 2009-10. The re-released accounts report from the company showed that the company saw a net loss of Rs. 8176.80 crore on its net sales of Rs. 8812.60 crore in the year 2008-09.

The chairman of the group, Vineet Nayyar said the loss was mainly driven by the account fraud related expenses of Rs. 7, 900 crore in that year. The firm initiated various measures like right sizing of its employees and operations, which brought the losses to the company significantly.

Meanwhile the net worth of the company grew up to Rs. 1800 crore with a cash balance of Rs. 2178 crore in the last year.