You have got it RIGHT!! I was under the same thought...your statement ' Satyam’s operating profit margins, too, were the lowest among the top firms. But Wednesday’s revelation that margins are actually at 3% and not the reported level of over 20% is a complete shocker. Even the smallest of IT firms have better margins in India and Satyam boasts of much larger clientele and would certainly bill these clients at higher rates compared to tier-II and tier-III firms." Is very very valid. Satyam has a brilliant clientele and best georgraphical spread. They have the best billing rates from its customers in many cases. I dont think they are very far away from their peers in the industry and many many cases better than their peers too. No company of this stature can work under such tight operating marging and its utter Bull S*** to state that raju has been assimilating funds to keep the lights on. I think he has been putting things at stake to bail out his sons company Maytas of which the Raju family is a majority stake holder. Now has his hold on satyam is diluted he puts himself up taking the blame on himself and positioning Satyam as a company that had low operating margins. Its a clear case that money has been diverted to his family companies and guess the CFO and few senior leaders are hand in glove here. How else will Maytas and Amravathi consutructions ( subsidiary of Maytas ) make up for large sums borrowed from market at rates of interest I hear ranging from 30% to 40% If you observe in the entire state of affairs now Maytas is not in picture. Please do yur best to investigate Maytas. I guess India Inc. should now be concerned about the 53000 brilliant work force that this company has which is repspected by its clients worldwide. this company is made by them not by the Raju's. The sales and revenue figures I observe from most of its technology groups like Telecom, Infra etc are significant and they have grown very well Qtr on Qtr.