Mahindra Satyam continues growth momentum with posting of USD 330 million in Q2 FY12

Nov. 19, 2011 - PRLog -- Mahindra Satyam, a leading global Consulting, IT and Business services provider, announced its second quarter financial results for Fiscal Year 2012, ending September 30, 2011, reflecting the company’s continued commitment towards strengthening its market presence in the Middle East and North African (MENA) region. According to the latest report, the leading company was able to post consolidated revenues of USD 330 million globally for Q2 FY12, which shows a Quarter-on-Quarter (QoQ) increase of 3.2 per cent.

For the MENA region alone, the leading company posted a 40 per cent increase in bookings and a 150 per cent YoY growth. The increase was bolstered by key project wins in education, oil & gas, healthcare and railway development in the Middle East and North African (MENA) region, and complements the company’s continuing move to play a significant role in the efforts to empower the region’s local industries and businesses. Mahindra Satyam has maintained confidence in its efforts to mark regional presence as evidenced by its work on over 20 engagements across the Middle East and a project momentum towards current and emerging business segments that showcases the company’s edge over other IT service providers. The region’s IT segment is expected to experience strong growth in 2012, with major factors like resources, shared services and innovative pricing models, driving in upward movement. Aiming to take advantage of this, Mahindra Satyam is looking to leverage its diverse portfolio of solutions and applications in Business Intelligence (BI), Enterprise Asset Management (EAM) and Mobility.

“We are very pleased with the performance we have achieved for the second quarter of the current fiscal year, marking a 40 per cent increase in new bookings in MENA,” said Bobby Gupta, Vice President and Head of Middle East, Turkey and North Africa, Mahindra Satyam. “The growth reflects the strong response and the continued trust given by our clients as a result of our move to ‘Rise’ and leverage strategic and reliable key IT solutions and services across various industry verticals in the Middle East.”

Mahindra Satyam has won eight new clients over the last few months, which includes an Oracle implementation for a leading education council; an SAP implementation for a major oil & gas company in Abu Dhabi; an Oracle implementation for a new airport; the installation of a healthcare information system for a leading hospital; an iPad room solution system for a major hotel chain and an Oracle implementation for a strategic railway development project. Also, the company was recently named as ‘System Integrator of the Year’ during this year’s edition of the CNME ICT Achievement Awards.

Vineet Nayyar, Chairman, Mahindra Satyam, said, “Our growth momentum continues, for the 5th consecutive quarter. As we come towards the end of our 3-year transformation journey, it is indeed satisfying to see that all our key business performance indicators such as growth, profitability and talent retention, are on course. We have shown significant improvement quarter on quarter, in spite of an uncertain macro-economic environment”

From a global perspective, in addition to new partnerships Mahindra Satyam has also reported some key wins during the quarter gone by, which covers the addition of 36 new logos and includes three ‘Fortune 500’ companies. The company’s total headcount stood at 32,092 as of September 30, 2011, marking an addition of 654 new employees during Q2 FY12, with the attrition rate significantly decreasing to 15.6 per cent.

CP Gurnani, CEO, Mahindra Satyam, said, “This was an eventful quarter for us. Our emphasis on ‘differentiation’ and scaling up our market share through verticalized solutions is bearing fruit. Investments into emerging areas such as Enterprise Mobility and Smart Grid are gaining momentum”.

“We are confidently looking at more growth for the region’s IT market, actively driven by the need for automation and the adoption of newer technologies to help companies and organizations stay ahead of the game. Understanding the demands of today’s markets, we are aiming to consolidate our industry leadership with the offer of new solutions in Business Intelligence, Enterprise Asset Management, Mobility, Analytics and Cloud Computing to various industry verticals, allowing them the key advantage of experiencing not only an increase in profit but also improved efficiencies,” concluded Gupta.