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Southeast Asia strongest performing market for Tech Mahindra

Anuradha Shukla | Nov. 17, 2011
Software exporter announced consolidated financial results for its second quarter ended 30 September 2011.

Southeast Asia leads as the strongest performing market for India's fifth largest software exporter Tech Mahindra.

The company picked up two more significant projects from prominent telcos in the region, according to consolidated financial results for its second quarter ended 30 September 2011 (Q2 FY12).

Results for this quarter indicate that Tech Mahindra recorded a 64 percent year-on-year increase in profit after tax (PAT) to US$52.8 million on revenue of US$296.2 million.

"Tech Mahindra saw continued success and growth in Asia Pacific for Q2 in line with the expectations we had set in Q1. Southeast Asia has been particularly satisfying this quarter with two significant wins with key telcos in the region," said Ajit K Velankar, head of North Asia and Southeast Asia of Tech Mahindra.

"Our focus on Value Added Services and Enterprise Mobility in the region has started yielding good results with further penetration into a large telco. For North Asia, our focus on strong partnerships with Equipment Vendors has started to show good signs of growth in the region. Australia & New Zealand is showing steady growth and our further pro-active participation in government initiatives is showing a lot of promise."

Sustained organic investments

Tech Mahindra is growing in North Asia, Australia & New Zealand markets by making sustained organic investments in these geographic areas.

It has formed strategic industry partnerships and alliances, public sector tendering and new domain technology offerings like the cloud to this end.

Other Asia Pacific Q2 FY12 performance highlights of Tech Mahindra include the extension of its core capabilities with an enhanced value added services and enterprise mobility solutions portfolio.

It also bagged a multi-year multimillion IT outsourcing contract from Vodafone Hutch Australia, expanded Manila Business Services Group BPO to 1,000 full-timers and Australia BPO to 400 full-timers.

Looking forward, Tech Mahindra is set to open a sales office in Taiwan by the end of this month. The company aims to focus on growing its telco business through a Taipei office.

"We have seen yet another quarter of steady growth. Our investment in capabilities has enabled us to achieve this in spite of some headwinds," said Vineet Nayyar, vice chairman, MD and CEO of Tech Mahindra. "We remain anchored to building and enhancing our service offerings to meet the needs of the changing market place."

 

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