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April 30, 2009

Tech Mahindra reports strong Q4 and year

Revenue up 18% on year-ago

By CBR Staff Writer

Indian IT services provider Tech Mahindra has reported a net profit of INR 2.3 billion ($46.1m) for the fourth quarter 2009, compared to a loss of INR 2.2 billion ($55m) in the year-ago quarter, on revenue up 3% at INR 10.5 billion ($212m).

Operating income increased 27% to INR 2.8 billion ($57m), while diluted EPS increased 7% to INR 17.9 ($0.36). Geographically, North America accounted for 30% of total revenue, Europe 62%, and rest of the world 8%.

The company said telecoms services revenue decreased 2% to INR 8.9 billion ($180m), telecoms equipment revenue increased 66% to INR 720m ($15m), BPO revenue increased 12% to INR 537m ($11m), and other revenue increased 80% to INR 328m ($7m).

For fiscal 2009, net profit increased 206% to INR 10.1 billion ($224m) on revenue up 18% at INR 44.6 billion ($985m). Operating income for the year increased 54% to INR 12.8 billion ($282m), while diluted EPS rose 35% to INR 79 ($1.73).

Vineet Nayyar, vice chairman at Tech Mahindra, said: This has been a quarter where our focus on efficiency and cost has helped us maintain profitability in spite of headwinds in the form of currency depreciation and overall economic slowdown.

Earlier this month, the company acquired India-based IT services vendor Satyam Computer Services for INR 28.9 billion ($578m) to diversify its focus from the telecoms vertical to financial services, healthcare, manufacturing, and compete with TCS, Infosys, Wipro, IBM, and Accenture.

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