Tech Mahindra posts solid Mena revenue growth
Dubai, February 5, 2014
Tech Mahindra, the region’s tech services leader, has announced significant growth in their top line in the Mena region including Turkey for the third quarter, ending December 31, 2013, compared to the previous fiscal year.
The consolidated financial results were announced as part of the company’s global third quarter financial results.
Tech Mahindra showed technology leadership with key wins in prestigious government projects across the region. There were also top corporate wins across multiple verticals from utilities to education in the Mena region, said GB Kumar, VP and Geo Head (MEA and Turkey).
“Our robust performance in the region comes on the back of a rising demand for quality and innovative tech services. We are witnessing a trend where regional and global majors and public bodies, are all seeking tailor made IT solutions and not just off-the-shelf applications. We are increasingly raising our share in that market,” stated Kumar.
According to him, today, Tech Mahindra’s pipeline of project opportunities in the region exceeds $350 million.
"The company is currently engaged in more than 50 important projects in the region. The total revenues of Tech Mahindra’s regional business was up 50 per cent compared to the same period the previous year," he noted.
The company’s global revenues reached $791 million; up 17.2 per cent YoY and 4.4 per cent QoQ.
“We are happy to note that Tech Mahindra has achieved excellent growth figures for the third quarter of the current fiscal year. The growth is also the result of the company’s focus on non-linear growth engines in the Mena region, which also shows the possibilities of joint venture, acquisitions and business value consulting," said Kumar.
On the 2014 outlook, the top official said: “We remain optimistic with the prospects presented by IT services in the region’s enterprise business arena, with IMS and enterprise services topping the trends."
"We are now in talks with multiple enterprise clients on their IMS and enterprise services needs. One solution that we have strongly recommended is shared services, where clients can get full services support in a cost-effective manner," he stated.
"It’s a vibrant market out there and we are upbeat about IMS, AMS, T&M and Business transformation deals. We are now focusing on clinching more deals and new customer acquisitions," added Kumar.-TradeArabia News Service