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Strong global and regional growth for Tech Mahindra

Zafar Anjum | Nov. 21, 2013
Indian vendor releases highlights of Q2 financial results

Tech Mahindra Ltd. achieved strong global and regional growth as the Indian IT solutions vendor ended the second quarter of its fiscal year last Sept. 30 and publicly released highlights of its latest financial results.

A press statement by the Indian vendor said their gross global revenues for Q2 stood at US $ 758 million, 17.6 %  more than Q2 2012 earnings of US $ 644.3 million.

"Its profit after tax increased by 36.3 % to US $ 113.7 million over the comparative period, year on year ('YoY')," according to the statement.

It also said that its Q2 2013 revenues grew 4.7 % over Q1 2013 quarter on quarter (QoQ).

Rest of the World

Tech Mahindra's Rest of the World (Row) region - Asia Pacific, India, Middle East, and Africa-with head office in Singapore, accounted for 23 % of global revenues for the quarter under review, a 21 % increase over the previous year, according to the statement.

It said its Rest of the world revenues registered US $ 174.3 million for a 28 % growth YoY.

"On a QoQ basis, revenue for RoW grew 9.5 % from US $159.3 million," it was noted in the statement.

Commenting on the results, Tech Mahindra CEO and managing director CP Gurnani was quoted as saying that the company's growth, "reflects its new found energy and alignment to win large deals".

 Tech Mahindra forms part of the US $16.2 billion Mahindra Group.



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