Tech Mahindra posts Q2 2011 results
Company sees 2.2% quarter-over-quarter growth, focuses on Middle East expansion
Tech Mahindra's Q2 2011 results increased 2.2% quarter-on-quarter to reach $296.2 million, with the Profit After Tax (PAT) at $52.8 million, a 64% year-on-year increase.
According to Tech Mahindra, the increasing trend towards applications outsourcing, system integration and managed services have become instrumental in the company's increased revenues for Q2 2011-2012.
Tech Mahindra revealed that it is now setting its sights on strategic focus markets like Qatar, UAE and Saudi Arabia for the upcoming quarter.
"Our performance for the second quarter of the current fiscal year reflects the strong relationships that we have maintained with our operators across the Middle East region. The growth we have keyed in has largely been driven by controlling costs and increasing revenues," said Krishna Gopal, vice president Global Alliance & Sales for Middle East, Africa and SAARC, Tech Mahindra. "We are looking to address these issues by enabling businesses and operators to concentrate on core business and handle essential functions like IT and networks. Till date, we have successfully handled projects in the IT segment, covering areas like OSS, BSS, ERP, EAI and more. Over the next few months, we will be offering a broader range of services to operators covering VAS, BPO, e-Security, Infrastructure Management and Network Services to customers and prospects in the region."
Tech Mahindra has partnered with Menatelecom, a leading telecommunications operator in the Middle East, to further the implementation of the telco's managed services operations in the region.
The agreement will see Tech Mahindra working closely with Huawei Technologies in managing Menatelecom's WiMAX 16e network. Tech Mahindra's active client count currently stands at 128.
"We have seen yet another quarter of steady growth. Our investment in capabilities has enabled us to achieve this in spite of some headwinds. We remain anchored to building and enhancing our service offerings to meet the needs of the changing market place," said Vineet Nayyar, vice chairman, MD and CEO of Tech Mahindra.
Tech Mahindra added a total of 807 new personnel during Q2 2011, and posted a total head count of 43,657, mainly composed of 26,665 software professionals, 15,875 BPO employees and a support staff of 1,117.