Satyam, which was once India's fourth largest outsourcer, is far from reaching the revenue and profit levels of its competitors, such as Tata Consultancy Services, Infosys Technologies, and Wipro. All these three companies reported strong revenue and profit growth in the quarter ended December 31, benefiting from a recovery in the outsourcing market.

On its proposed merger with Tech Mahindra, Satyam's minority shareholders have demanded that it should be delayed until the company's full recovery, and when the valuations of equity are reasonable.

"Have we returned to industry standard profitability? - the answer is no," admits Gandhi. "Are we getting there? The answer is yes. Could this turn around been done in any other fashion? I have my doubts.

"I think it was mammoth task, pretty well-orchestrated. It has been the experience of a life-time. When there is a crisis, you tend you work very differently. When things are stable, you actually become very lethargic."