TECH MAHINDRA Q2 revenue up by 29.8%
MUMBAI, October 21st, 2008:
Key highlights:
Net profit after tax of Rs 302.8 crores and revenue of Rs 1,164.8 crores
Net profit after tax grew by 66.7% and revenue grew by 29.8% over the corresponding quarter of the previous year
Interim dividend of Rs 4/- per share declared.
Headcount crosses 25,000 mark
Financial Summary
Tech Mahindra Limited, one of the largest solution providers in the telecom space, announced an 66.7% growth in net profit after tax and 29.8% growth in revenue for Q2 09 over the corresponding quarter in the previous year. Tech Mahindra reported consolidated net profit after tax of Rs 302.8 crores for Q2 09 as against Rs 181.6 crores in Q2 08. The company's revenue is Rs 1,164.8 crores for Q2 09 as against Rs 897.5 crores in Q2 08.
The company derived 23.2%, 68.7% and 8.1% of its revenues from the US, Europe and ROW respectively.
Tech Mahindra Consolidated Head Count increased from 24,369 in June 2008 to 25,135 in September 2008.
Mr. Anand Mahindra, Chairman, Tech Mahindra said, “Tech Mahindra has been able to show consistent performance despite the financial turmoil in global markets.”
Mr. Vineet Nayyar, Vice Chairman & MD, Tech Mahindra said, “Our decision to focus on long term deals will hold us in good stead in these challenging economic conditions.”
Operations
In the OSS domain, Tech Mahindra has been selected by a large European operator for end to end testing of next generation products. Tech Mahindra will assist the customer to focus on enhancing customer experience and improve time to market for new products.
In the testing domain, Tech Mahindra has been selected as an outsourcing partner for a leading European operator. Under the partnership, Tech Mahindra will set up an offshore data centre to carry out test management. This will enable the client to speed up the market rollout of their products by providing automation, integration and validation testing solutions.
Tech Mahindra continues to focus on emerging markets, enabling new roll outs, facilitating expansion and transition to new technologies. Tech Mahindra was commissioned by an Middle Eastern telecom operator for the implementation and system integration of a convergent OSS/BSS solution. The solution will enable realization of the client’s vision of migrating to an IP based network over the next few years.
Partnerships
Tech Mahindra has been selected as the preferred systems integrator for the deployment of Redline’s RedMAX™ 4C Mobile WiMAX solutions. Both the companies will begin their first joint Mobile WiMAX deployments for selected carriers in the Asia-Pacific region in 2008-2009. Tech Mahindra will deliver complete systems integration including the incorporation of OSS and back office systems and software.
Tech Mahindra has entered into a strategic partnership with Servista to become their exclusive delivery arm for three years. As part of this strategic partnership Tech Mahindra will support Servista delivering managed IT services and provide them with cost efficient and highly scalable world class solutions for their clients.
Awards & Rankings
- Winner of ‘Brand Leadership Award’ by Asia Brand Congress for Awards in Brand Excellence 2008
- Winner of ‘Excellence in Growth Award 2008’ by Frost & Sullivan.
- Certified as 2008’s Best Outsourcing Service Provider by IAOP.
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 6h 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.
For more information on the financials please refer to the fact sheet and the results advertisement on the investor section of the website: www.techmahindra.com or contact Rupal Sancheti at rupals@techmahindra.com |