TECH MAHINDRA Q3 revenue up by 17 %
MUMBAI, January 23rd, 2009:
Key highlights:
Financial Summary
Tech Mahindra Limited, one of the largest solution providers in the telecom space, announced 12% growth in net profit after tax and 17% growth in revenue for Q3 09 over the corresponding quarter in the previous year. Tech Mahindra reported consolidated net profit after tax of Rs 222.9 crores for Q3 09 as against Rs 199.6 crores in Q3 08. The Company's revenue is Rs 1132.2 crores for Q3 09 as against Rs 970.40 crores in Q3 08.
The Company derived 26.3%, 64.5% and 9.2% of its revenues from the US, Europe and ROW respectively.
Tech Mahindra consolidated head count increased from 25,135 in Sep 2008 to 25,429 in Dec 2008.
Mr. Anand Mahindra, Chairman, Tech Mahindra said, “Despite the tough macro-economic environment, Tech Mahindra has demonstrated resilience in its performance. I am confident that we will overcome the challenges of this uncertain environment”.
Mr. Vineet Nayyar, Vice Chairman & MD, Tech Mahindra said, “Our backlog of long term deals has added value in these conditions and will provide enhanced visibility to our performance going forward”.
Operations
During the quarter, Tech Mahindra achieved significant progress in its engagement with BT plc announced in Q2 FY09. Tech Mahindra has been chosen as the prime vendor for a five year transformation program that will deliver improved business agility and lower cost to serve BTGS business. It is anticipated that the total spend on this program would be more than GBP 500m, of which GBP 350 m is expected to be incremental revenue to Tech Mahindra. The transition of this work will commence from April 2009. Tech Mahindra will work closely with BT and will be responsible for the transformation of the IT architecture and systems, governance, and business processes that support the business. Over the next three years, the program will deliver global consolidation of systems and service management and create a robust and reusable systems platform. Tech Mahindra will then operate the platforms for another two years with the option to extend for another two years.
In the OSS domain, Tech Mahindra has partnered with a large telecom equipment manufacturer to deploy a network management solution for a telecom service provider. Tech Mahindra will have end to end responsibility from planning to commission and maintenance of this solution.
In the R&D domain, a large telecom equipment manufacturer has signed a multi year partnership with Tech Mahindra for on-going development, testing and sustenance of multiple product lines. Tech Mahindra with its in-depth knowledge of service providers will assist the customer in developing new features in line with the changing needs of the market place.
During the quarter, Tech Mahindra has signed a multi year engagement to provide end to end service to an emerging telecom service provider in the Asia Pacific. Under this engagement Tech Mahindra is responsible for system integration, and managed services encompassing both operations and IT, allowing the customer to focus on customer acquisition and building market presence.
Awards & Rankings
• Winner of ‘Deloitte Technology Fast 500 APAC 2008’
• Winner of ‘Deloitte Technology Fast 50 India 2008’
• Winner of ‘Excellence in Growth Award 2008’ by Frost & Sullivan
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.
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 Santosh Gambhire at gsantosh@techmahindra.com |