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Tech Mahindra Announces Significant Increase in MENA Revenues for Q3
Published Feb 5, 2014
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Tech Mahindra Ltd., the region’s tech services leader, has announced significant growth in their top line in the Middle East and North African region including Turkey (MENA) for the third quarter, ending December 31, 2013, compared to the same period in the previous fiscal year. The consolidated financial results were announced as part of the company’s global third quarter financial results.
GB Kumar, Vice President and Geo Head – Middle East, Africa and Turkey, Tech Mahindra, said, that 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, he added.
“Our robust performance in the MENA 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,” Kumar said.
Today, Tech Mahindra’s pipeline of project opportunities in the MENA region exceeds USD 350 million. The company is currently engaged in more than 50 important projects in the region. The total revenues of Tech Mahindra’s MENA business was up 50 per cent compared to the same period in the previous year, The company’s global revenues reached USD 791 million; up 17.2 per cent YoY and 4.4 per cent QoQ.
Kumar added, “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. Feeling bullish on more growth towards the end of the fiscal year, we are seeing the next wave of transformative growth coming in as a result of forging the right alliances, partnerships and acquisitions. This posted increase in revenue reflects the positive response that we have received towards our commitment to leverage key IT solutions and services across various industry verticals in the Middle East. We expect MENA revenues to grow faster as compared to the global average IT budget outlook and growth scenario thereof.”
“We remain optimistic with the prospects presented by IT services in the MENA region’s enterprise business arena, with IMS and enterprise services topping the trends in the region. 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. 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," concluded Kumar.
Posted by
VMD - [Virtual Marketing Department]
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