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Mahindra Satyam announces Q1 revenue of USD 342 million for FY 2012 - 2013

Company drives in 180 per cent YoY growth in new contracts signings in MENA region

 
PRLog - Aug. 5, 2012 - Mahindra Satyam, a leading global consulting, IT and business services provider, has announced that it has posted USD 342 million in global consolidated revenues for the first quarter that ended on June 30, 2012. The company keyed in a 180 per cent Year-on-Year (YoY) growth in new contracts signings for the Middle East and North African (MENA) region, and has managed to increase revenues across key GCC countries like the UAE, which grew to 150 per cent and Qatar, which grew by 200 per cent.

Eager to maintain this strong growth trajectory, Mahindra Satyam is reinforcing itself with the hiring and training of a more motivated sales team while also beefing up its local delivery capabilities—focusing particularly in countries like Qatar, Saudi Arabia and the UAE. In addition to this, the company is aiming to hit USD 50 million for the current fiscal year for the MENA region. According to Mahindra Satyam’s senior executives, the key drivers for performance in the region include skilled resources, shared services and innovative pricing models. With business in the region looking at opex expenses reduction, managed services and a faster return on investments, Mahindra Satyam is seeing big traction for business intelligence (BI), mobility, infrastructure managed services and enterprise resource planning (ERP) for the remainder of FY’2013.

“We are pleased to reveal the excellent growth figures that we have achieved for the first quarter of the current fiscal year, reflecting our continuous growth momentum,” said Bobby Gupta, Vice President and Head of Middle East and North Africa, Mahindra Satyam. “We are also proud to show that the MENA region has been the top performing market for the company. The increase in revenues is a testament to the continuous positive response that we have received in return to our commitment in leveraging key IT solutions and services across various industry verticals in the region.”

Over the last quarter, Mahindra Satyam has and is currently working with more than 20 engagements in the MENA region, spanning various sizes. The company has also managed to sign strategic outsourcing deals that amount to over USD 10 million—adding nine new clients from the government, education, manufacturing, retail and energy sectors. From a global perspective, Mahindra Satyam’s active client count stands at 372 on a consolidated basis. Some of the company's recently signed clients include KAUST Saudi, Dubai Holdings, Dubai eGov, a large Abu Dhabi based government entity and a large commodity based business in the UAE.

For the remainder of the fiscal year, Mahindra Satyam is looking to create stronger focus in the Middle East, particularly across key UAE segments like government, manufacturing, retail, distribution, education, health, banking, financial services and insurance (BFSI). The company’s headcount in the MENA region has reached 400, which shows a 100 per cent increase as compared to 2011. Also, the global headcount stood at 35,996 as of June 30, 2012—showing a net addition of 2,643 QoQ. Globally, attrition improved to 13.5 per cent in Q1 FY'13 as compared to 17.3 per cent in the corresponding quarter of last year.

Vineet Nayyar, Chairman, Mahindra Satyam, said, “With this quarter, we have successfully ended our 3-year transformational journey, recording progress on the back of strong fundamentals, focus and investments. Global business realities continue to be unpredictable. However we are confident of taking forward our momentum.”

CP Gurnani, CEO, Mahindra Satyam, said, “We compete in the marketplace today with investments in services, markets and our differentiators. Our plan to convert some of these bullets into cannonballs is a reflection of our performance this quarter.”

Some of the key wins that the company has recently received include:

•   Won a five-year multi-million dollar engagement with a leading low-cost airline in the Asia-Pacific (APAC) region to provide Infrastructure management support
•   Chosen by a leading Middle East and Africa, real estate developer for implementation for Oracle and Hyperion suites
•   Selected by a world leader in card-based, self-service transaction systems, security products and customer service company to provide engineering services for ATM sub modules
•   Appointed to assist a leading Middle East-based investment group has chosen Mahindra Satyam for its Oracle R12 implementation
•   Awarded a multi-million dollar contract by a worldwide leader in software, services and solutions in infrastructure management and Consulting & Enterprise solutions service line

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Source:CommuniGate Middle East
Country:United Arab Emirates
Industry:Business
Tags:revenues, IT, mahindra, satyam
Shortcut:prlog.org/11942210
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