Tech Mahindra Limited
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BSE Code:
532755
NSE Code:
TECHM
Business Profile
Business Profile
Incorporated in 1986 and headquartered in Pune in Maharashtra, Tech Mahindra (formerly known as Mahindra-British Telecom) is a provider of solutions and services to the telecommunications industry.
The company is a partnership between Mahindra & Mahindra and British Telecommunications plc. Tech Mahindra has software development centers across six cities in India and one in UK and 13 sales offices across America, Europe and Asia-Pacific and around 15,000 professionals servicing clients across various telecom segments. The company?s service offerings range from applications development and maintenance, solution integration, product engineering and lifecycle management and testing to high-end and value-added services, such as consulting, managed platforms and managed services.
Some of the renowned partners of Tech Mahindra includes Convergys, Siebel, LHS, Azure, Openet Telecom, jNetX Industry Consortia, OSS/J, TeleManagement Forum, Microsoft, Oracle, IBM and manu more. Tech Mahindra is ISO 9001:2000 certified and is also assessed at SEI-CMMi Level 5 and SEI-PCMMi Level 5. Tech Mahindra is also BS7799 certified across all development centers.
In November 2005, it acquired Axes Technologies (India) for USD 54 mn. Tech Mahindra?s total revenues for the year ended March 31, 2006 were Rs. 12430 million. The company recorded revenues of Rs. 6977 million and net profit of Rs.1771 million for the second quarter of FY07, a 373% growth in net profits compared to the corresponding quarter in the previous year. With its clients spread over 40 countries, Tech Mahindra has grown rapidly to become the 8th largest software exporter in India (Nasscom 2005).
Financials
The company disclosed a small rise in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company rose 9.42% to Rs 2,149.10 million from Rs 1,964 million in the same quarter last year. Net sales for the quarter rose 20.93% to Rs 11,024 million, while total income for the quarter rose 12.85% to Rs 10,614 million, when compared with the prior year period. The company posted earnings of Rs 17.67 a share during the quarter, registering 9.14% growth over prior year period.
Recent Developments
13-APR-09
The company declared as the highest bidder for Satyam Computer Services at a price of Rs 58 a share.
23-MAR-09
CARE has assigned a AAA / PR1+ ratings to the proposed Long-term Non-Convertible Debenture (NCD) / Short Term Debt (STD) issue of the company aggregating Rs 9.5 billion.
03-DEC-08
The company announced the launch of Tech Talenta - a workforce management business aim at offering well screened high-end contract resources with attractive, fit-for purpose commercial models.
24-NOV-08
The company announced the opening of its new office in Riyadh, Saudi Arabia. The Saudi office is integral to the expansion of Tech Mahindra in the Middle East for its sales, support and delivery of its IT and Telecom offerings and will be headed by Hassan Albrazi, regional director.
07-NOV-08
The company is setting up it sixth new Centre for Excellence (CoE) in South Tynside, UK as the base to service its expanding European and North American client base.
Future Plans
The company has plans to start a development center in Hyderabad. The company has started acquiring land and is also likely to announce an MoU in the next three months. Tech Mahindra also has plans of investing Rs 1,000 million for setting up a network operation centre (NOC) in Noida and Pune and is looking at launching remote infra management services.
Tech Mahindra is planning to acquire a systems integration and network management company in Europe. The company is talking to some IT and telecom services companies in Germany and Sweden for possible acquisitions.