2013-08-15 13:17:00 - Announces first set of results post merger
Dubai, UAE, August 15, 2013 – Tech Mahindra Ltd. a specialist provider of connected solutions to the connected world, has announced its robust, audited consolidated financial results for the quarter ending June 30, 2013. Revenue stood at USD 724 million; up 17.7% YoY and 3.7% QoQ. Consolidated net profit after tax (PAT) for Q1 at USD 121 million up 22.3% YoY and 2.1 % QoQ.
Financial highlights for the quarter (INR)
• Revenue at Rs 4,103 crore; up 21.7% YoY and 8.9% QoQ
• Operating profit (EBITDA) at Rs 864 crore; up 16.9 % YoY and 12.1% QoQ.
• Consolidated PAT at Rs 686 crore; up 27.0% YoY & 36.2% QoQ (before exceptional reversal of impairment provision)
• Consolidated PAT at Rs
686 crore; up 27.0% YoY and 7.6% QoQ
• Earnings per Share (EPS) was Rs 29.60 for the quarter ended June 30, 2013
Financial highlights for the quarter (USD)
• Revenue at USD 724 mn; up 17.7% YoY and 3.7% QoQ
• Operating profit (EBITDA) at USD 152 mn; up 12.9% YoY and 6.5% QoQ
• Consolidated PAT at USD 121 mn; up 22.3% YoY & 29.2% QoQ (before exceptional reversal of impairment provision)
• Consolidated PAT at USD 121 mn; up 22.3% YoY and 2.1% QoQ
• Total headcount for the year at 83,063. Software Professional headcount stood at 53,337, BPO at 23,269 and Sales & support at 6,457.
• Debt at Rs 747 crore as of June 30, 2013; down by Rs 413 crore during the quarter
• Cash and Cash equivalent at Rs 3,655 crore as of June 30, 2013
• Active Client count stood at 567 in Q1FY14 vs 516 in Q4FY13
Vineet Nayyar, Executive Vice Chairman, Tech Mahindra, said, “We have completed one of the largest mergers in Indian corporate space this quarter in a seamless fashion, fulfilling the commitment we made in April 2009. Our robust performance reinforces our belief in the inherent strength and cross leveraging possibilities, for the integrated entity.”
C P Gurnani, Managing Director of Tech Mahindra said, “IT Consumerization, Unified Networks, Internet of Things, Big Data, Faster Analytics and Supercomputing have become the primary drivers of business efficiency now. We are leveraging our collective expertise in Cloud, Analytics, Social, Security, Mobility and Networks to create Digital Enterprises globally, powered by an entrepreneurial culture and the veritable power of a unified combine.”
GB Kumar, Vice President and Geo Head for the Middle East, Africa & Turkey, Tech Mahindra, said, “These are truly exciting times for the IT industry--where growth continues to pour in, accompanied by the emergence of newer technologies and innovations. Strategically, Tech Mahindra is positioned at the heart of all this growth, highly enabling businesses to place strong focus on their core business and to help them handle key IT and network functions. The major wins that we have gained over the last few months prove as testament to the strong bond of trust and confidence given to us by businesses across various industry verticals and reflect the premium of commitment that we have placed on providing service par excellence to our clients.”
• Tech Mahindra was selected by one of the largest reinsurers in Europe for a multi-year multi-million infrastructure outsourcing engagement. The scope involves infrastructure management including workspace, data centre, service desk communication and networks.
• A leading European mobile telephone major selected Tech Mahindra for a multi-country terminal testing deal in Europe which involves test engineering and consulting support
• One of the top 4 banks in Australia has selected Tech Mahindra for its non-linear Workspace-as-a-Service (WaaS) solution. Scope includes delivering a fully re-architected module enabling best in class virtualization capability and higher levels of scalability and performance
• Tech Mahindra signed an engagement with a wireless broadband services provider in Africa for the deployment and management of overall IT infrastructure of Long Term Evolution (LTE) Greenfield Operations.
• A leading South Africa based fashion retail company has chosen Tech Mahindra as a strategic partner to drive an Oracle Retail based enterprise business transformation program.
• A US based Fortune 500 managed healthcare company has selected Tech Mahindra to build and operate its WaaS platform
• Tech Mahindra has been engaged by a leading mobile commerce solution company in New Zealand for launching Mobile Wallet Service in the Value Added Services (VAS) space
• Tech Mahindra was chosen by leading global Nutrition, Health and Wellness Company to manage its IT Application development and maintenance services including support to infrastructure services for its North American business unit.
• Tech Mahindra won a deal from a strategic energy & utilities account for infrastructure and application support from a Fortune 10 Energies & Utilities organization on back of proven experience in large scale support engagements.
• A Fortune 10 Energies & Utilities Company selected Tech Mahindra for its major transformational initiative to consolidate various data centers and applications portfolio.
• Won an application development deal from a leading US wireless services provider.
• Tech Mahindra was awarded a multi-million dollar system integration and managed services deal across 6 – 7 countries in Asia and Africa by a leading emerging market Telco
Business Highlights for the Quarter ended June 30, 2013
• Tech Mahindra Limited announced the launch of its new branch in Istanbul. TechM aims to develop Turkey as a near shore centre for providing specialized services to its customers in the region. This branch will serve as a hub for Turkey and Central Asia.
• Tech Mahindra established its first European Testing Lab in Sweden which is in continuation with its efforts to provide end to end test solutions to device manufacturers
• Tech Mahindra inaugurated a new Development Centre at Toronto, Canada for one of its leading banking clients in the geography. The onsite ODC model offers significant cost and operational efficiency.
• Entered into a global partnership with ThingWorx. The partnership will enable Tech Mahindra to deliver innovative Machine-to-Machine (M2M) solutions at minimized cost, risk and time to its customers worldwide by utilizing ThigWorx platform.
• Tech Mahindra and CollabNet announced a strategic alliance agreement to jointly develop and deliver Enterprise Cloud Development, Agile and DevOps solution in the cloud services space.
• Aspect Software chose Tech Mahindra Limited to be their channel partner for APAC and EMEA. The partnership is aimed at creating an enhanced and superior level of infrastructure service for customers in communication space with the widest portfolio of interaction management and workforce optimization products.
• Signed a MoU with ‘Navigation Information Systems’, a company that offers dual systems navigation based equipment to the India market and will help identify and develop potential opportunities and expand footprint in the emerging markets.