Mahindra Satyam reports 5.2% revenue growth for Q1
Global revenues for Q1 2011-2012 fiscal reached $320 million
Revenues for the first quarter of fiscal year 2011-2011 rose 5.2% for Mahindra Satyam, on a quarter-on-quarter basis, to reach $320million and increased 19.3% year-on-year.
The global consulting and IT services provider is expecting more growth in the Middle East and African (MEA) region to be driven by the emerging presence of new domains, markets and industry verticals.
The company says the upbeat attitude towards reinforcing its presence follows its current work on more than 20 engagements in the Middle East region.
"Mahindra Satyam has posted excellent growth figures for the first quarter of the present fiscal year. The increase in revenue demonstrates the continuous positive response that we have received towards our commitment to leverage key IT solutions and services across various industry verticals in the Middle East," said Bobby Gupta, vice president and head, Middle East and North Africa, Mahindra Satyam. "We are expecting to see more growth with the development of more smart cities in the region and accompanying industry verticals like the sports industry. We are also eyeing to play a major role in the region's development and emergence as a global IT destination."
The company has now also revealed its move towards exploring opportunities in Turkey, following its recent work with a Turkish Smart Metering company. With the move towards expanding in both the global and local markets, Mahindra Satyam's offices in the Middle East are poised to cross the 400 number of associates over the ensuring fiscal 2011-2012.