TECH MAHINDRA Q1 revenues up by 29%
MUMBAI, July 21st, 2008:
Key highlights:
- Net profit after tax of USD 62.5 million and revenue of USD 271.9 million
- Net profit after tax grew by 52% and revenue grew by 29% over the corresponding quarter of the previous year
- Number of customers increased to 110
- Headcount crosses 24,300 mark
Financial Summary
Tech Mahindra Limited, one of the largest solution providers in the telecom space,announced a 52% growth in net profit after tax and 29% increase in revenue for Q1 FY09 over the corresponding quarter in the previous year. The company reported consolidated net profit after tax of USD 62.5 million for Q1 09 as against USD 41.3 million in Q1 08. The company reported a revenue of USD 271.9 million for Q1 09 as against USD 210.9 million in Q1 08.
In rupee terms, Tech Mahindra reported an 52% growth in net profit after tax and 27% growth in revenue for Q1 09 over the corresponding quarter in the previous year. Tech Mahindra reported consolidated net profit after tax of Rs 258.5 crores for Q1 09 as against Rs 170.3 crores in Q1 08. The company's revenue is Rs 1116.4 crores for Q1 09 as against Rs 876.3 crores in Q1 08.
The company derived 22%, 72% and 6% of its revenues from the US, Europe and ROW regions respectively. The number of clients increased from 107 in March 08 to 110 in June 08.
Tech Mahindra Consolidated Head Count increased from 22,884 in March 2008 to 24,369 in June 2008, a growth of 6%.
Speaking on the occasion, Mr. Anand Mahindra, Chairman, Tech Mahindra said "Tech Mahindra has again demonstrated its leadership in the telecom domain. Despite external pressures Tech Mahindra has delivered robust results and our expertise in our chosen domain continues to hold us in good stead."
Mr. Vineet Nayyar, Vice Chairman & MD, Tech Mahindra said, “Our strategy of pursuing long term transformational engagements with our customers has yielded good results. ”
Key Wins
In the Testing domain, Tech Mahindra has been commissioned to set up a test factory for a leading service provider in North America. Tech Mahindra will carry out test planning, integration testing and system testing across various lines of business for a period of five years.
In the Network Services domain, Tech Mahindra has signed up with a leading wireless location company to provide network optimization solutions. Tech Mahindra will be responsible for testing the networks to enable the customer to improve quality of service.
In the CRM domain, Tech Mahindra has won an engagement with a leading pan European service provider to develop solutions for order management, and provisioning.This will provide the client with a platform to position itself as a customer focused organization enabling cross-selling opportunities to existing and new customers within short time frames
Expanding its presence in the Canadian market, Tech Mahindra has been engaged by a leading service provider for network planning and provisioning. This multi year deal will enable the client to accelerate the market rollout of their next generation line of products and services.
Tech Mahindra has made its first foray in Maldives by entering into an agreement with a leading telecom service provider which provides fixed, mobile, data and internet services. Tech Mahindra will implement the ERP systems and help streamline the clients operations.
Awards & Rankings
- Won award for “Best Billing Solution” in B/OSS Excellence Awards 2008
- Ranked as 2nd Largest Player in Telecom Software from India by Voice and Data, 2008 (V&D 100 Ranking)
- Ranked one of the Top 10 Outsourcing Companies in the World by IAOP Global Outsourcing 100, 2008
- Ranked 12th Largest TOMS Vendor by Gartner in their report, “Market Share: Telecoms Operations Management Systems – Worldwide, 2006 – 07” published in April 2008
- CanvasM won the award for “Best Start-up Company” at Mobile Content Awards & Conference 2008 (MCA08).
- Won an award in “Largest Revenue Category” of “IT and ITeS (excluding Hardware) Sector” by D&B – ECGC Indian Exporters Excellence Awards, 2008
About Tech Mahindra
Tech Mahindra is a leading provider of solutions and services to the telecommunications industry, majority stake owned by Mahindra & Mahindra Limited, in partnership with British Telecommunications plc. With total revenues of Rs 37,661 million in the year ended March 31, 2008, Tech Mahindra is India’s 6th largest software exporter, and serves telecom service providers, equipment manufacturers, software vendors and systems integrators. Tech Mahindra solutions enable clients to maximize returns on IT investment by achieving fast time to market, reduced total cost of ownership and high customer satisfaction. Tech Mahindra achieves this through its domain and process expertise,distinctive IT skills, research and development, proven innovative delivery models and approach to off shoring.
Assessed at SEI-CMMi Level 5 and PCMM Level 5, Tech Mahindra's track record for value-delivery is supported by over 24000 professionals who provide a unique blend of culture, domain expertise and in-depth technology skill-sets. Its development centres are ISO 9001:2000 & BS7799 certified. Tech Mahindra has principal offices in the UK,United States, Germany, UAE, Egypt, Singapore, India, Thailand, Taiwan, Malaysia,Philippines, Canada & Australia.
http://www.techmahindra.com/
For more information contact Rupal Sancheti at rupals@techmahindra.com |