Tech Mahindra has reported an increase in revenues following its formal merger with Mahindra Satyam.
The company recorded US$159.3 million revenue for the April-June 2013 quarter for the Singapore-headquartered Rest of World (RoW) region that includes the Asia Pacific, India, Middle East and Africa.
Announcing the first set of audited and consolidated results since its formal merger with Mahindra Satyam, Tech Mahindra says that the merged entity collected revenue of US$724.1 million equivalent for this quarter.
This quarter the company sealed a deal with a private logistics company in Singapore to implement Oracle and other business analytics services.
An Australian bank also selected Tech Mahindra for its non-linear Workspace-as-a-Service (WaaS) solution.
“We closed big deals this quarter, in Australia, which is most encouraging. The Engineering business has shown great traction in Japan and China,” said Rohit Gandhi, senior vice president, Asia, India & MENA. “Also, this quarter saw a few good wins in the Digital Business building blocks including Networks, Mobility, Analytics, Cloud & Security.”
More staff in China
A year ago, Tech Mahindra’s staffing in China was 500 and now it is 600. The increase is due to an upswing in revenue from China resulting from flourishing engineering and automotive sectors in the nation.
A few Japanese manufacturing companies had to move out of China due to increase in operating costs and anti-Japanese sentiment. This development helped increase revenues for Tech Mahindra as it resulted in an increased demand for IT-engineering services.
Many Japanese corporations sent request for proposals to Tech Mahindra following the April 2011 Fukushima earthquake and the company succeeded in landing a significant deal in engineering-related services.
The company is tapping its expertise in cloud, analytics, social, security, mobility and networks to create a global digital enterprise that is powered by an entrepreneurial culture.
“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,” said Vineet Nayyar, executive vice chairman, Tech Mahindra. “Our robust performance reinforces our belief in the inherent strength and cross leveraging possibilities, for the integrated entity.”
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