moneycontrol.com
IT services firm Tech Mahindra says the global business scenario is improving with US driving the growth and Germany and Nordic countries too showing positive signs this year.
"On a macroeconomic scenario it is obvious that US recovery is a positive sign. European region clearly Germany and Nordic countries continue to be very-very positive and from other regions also we are seeing a little bit of a positive traction. Overall, the scenario is improving and we remain hopeful," the Mahindra Group company told moneycontrol.com.
Tech Mahindra, earlier this month, reported a first quarter consolidated net profit of Rs 686 crore, up 27 percent year-on-year and 8 percent quarter-on-quarter, while revenue rose 22 percent from a year ago, 9 percent sequentially to Rs 4,103 crore.
The company recently completed the acquisition of Mahindra Satyam (Satyam Computer Services) and says it will "remain active" on the acquisitions front to grow and touch USD 5 billion revenue by FY2015.
"We have a four planks of our strategy and all four planks needs to fire if we need to reach USD 5 billion; 5 billion is a hard goal for the company. At current run rate we are at 2.9 billion, and hopefully we will maintain the trajectory and we will continue to increase the share of our business through M&A, through joint ventures, through products, innovation and through process as a service. The goal is stretched but we are committed on it," Tech Mahindra added.
It had debt of Rs 747 crore at the end of June, and cash, cash equivalents of Rs 3,655 crore. It had 567 active clients at the end of the first quarter.
The company says deal pipeline is also improving and there is positive momentum from customers, especially post the merger, and there is increased interest around mobility and network services.
"We have clearly seen an improvement in terms of our deal pipeline. We also instituted a large deal team and have seen early results based on the efforts that we have put in. We continue to see a positive momentum from our customers particularly after the merger we have seen a significant traction and interest around mobility and also around network services. We believe that this will help us to get new entry points into our existing accounts," Tech Mahindra said.
In the April-June quarter, the company's revenue from American market increased 11 percent quarter-on-quarter, with US growing by around 9 percent sequentially, while Europe growth was stable at a little over 1 percent.
Last quarter, Americas contributed to 46 percent of Tech Mahindra's total revenue, 33 percent of its revenue came from Europe and 21 percent from rest of the world.
Tech Mahindra says Technology, Media and Entertainment vertical (up 9 percent QoQ in Q1), Manufacturing (up 7 percent), Retail, Transport & Logistics (up 6 percent) -- are driving growth. The Telecom vertical too, which accounted for 44 percent of the Q1 revenue, saw close to 3 percent growth in April-June, despite the decline in BT business and seasonability of Comviva.
Further, it also "expects to do well" in the coming quarter in the BFSI (Banking, Financial Services and Insurance) vertical where it has closed three large deals.
nachiket.kelkar@network18online.com
Anda sedang membaca artikel tentang
Tech Mahindra: Prospects improving, US biz to drive growth
Dengan url
https://rokokkanker.blogspot.com/2013/08/tech-mahindra-prospects-improving-us.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Tech Mahindra: Prospects improving, US biz to drive growth
namun jangan lupa untuk meletakkan link
Tech Mahindra: Prospects improving, US biz to drive growth
sebagai sumbernya
0 komentar:
Posting Komentar