NewswireToday - /newswire/ -
New Delhi, Delhi, India, 2006/07/12 - Tech Mahindra has been ranked as Number Three in Worldwide BSS SI (business support systems, systems integrator) in the latest Gartner report - Market Share: Business Support Systems, Worldwide by Norbert J. Scholz.
The report also ranks Tech Mahindra between third and tenth globally in terms of market share in several other categories like overall revenue, outsourcing, professional services, bilking, customer care, mediation and fraud management services for telecom companies globally.
It is the only Indian Company to be featured in all these categories by the Gartner report, along with companies like IBM, HP, Accenture, Capgemini, LogicaCMG etc.
Commenting on the report, Mr Vineet Nayyar, Vice Chairman, MD and CEO, Tech Mahindra, said: "This ranking is a validation of our strategy to focus on telecom solutions and our deep domain knowledge in the telecom sector. We are glad to receive recognition as one of the global leaders in this space"
As a result of its longstanding relationship with BT, the company has an established presence in the European market but in recent years it has also experienced rapid growth in North America with clients such as AT&T and in the Asia-Pacific region with clients in countries such as Singapore, Australia, Taiwan, Indonesia & India.
Tech Mahindra has expanded coverage of client sectors from it's traditional focus on telecommunications service providers ("TSPs") to telecommunications equipments manufacturers ("TEMs") such as Alcatel and Motorola and independent software vendors ("ISVs"). Its acquisition of Axes Technologies in November 2005 has enabled it to significantly expand its TEM expertise.
The company's revenues grew at a CAGR of 29% and number of employees grew at a compound annual growth rate of 57% from fiscal 2004 to fiscal 2006.
The company's revenues jumped from Rs 741.7 crores in FY 2003-04 to Rs 1242.7 crores in FY 2005-06 & operating profit from Rs 79.8 crores to Rs 267.9 crores and Profit after Tax (PAT) from Rs 63.7 crores to Rs 235.4 crores.