Engineering and digital transformation specialists, Tech Mahindra, has posted a strong set of financials for the year, despite the significant impact of the Coronavirus pandemic.
The Indian firm reported revenues of $5.18 billion for the year, an increase of 4.3 per cent on last year’s figures. Tech Mahinda booked $1.29 billion in the final quarter of the financial year, representing a quarter on quarter decline of 4.3 per cent, as the impact of the Covid 19 pandemic began to be felt.
“Covid 19 has brought an unprecedented change in business model for the IT industry. Ensuring wellness of employees and contribution to society while maintaining business continuity under all circumstances continues to be our priority. While the demand traction seen through the first three quarters of Fiscal 19-20 has reversed in Q4, we expect that the focus on Digital Transformation, Remote Working, and Network Modernisation will recover in the medium term. The company has shown a strong growth for Fiscal 20 and we remain committed to deliver sustainable solutions to our customers enabling them to adopt to New Normal,” said CP Gurnani, managing director and chief executive officer, at Tech Mahindra.
The company saw some substantial wins in FY 2020, and was selected by a global leader in sustainable and innovative fibre solutions as a managed services partner to modernise its technology stack accelerating future growth strategy.
Tech Mahindra was also engaged by a leading Australian Telco to transform their business operations and drive automation to enhance the end customers experience.
In Africa, Tech Mahindra was selected by a South African government agency for provision of SAP digital transformation, end-to-end solution and managed support services leveraging Tech Mahindra’s digital offerings.
“Q4 has been a quarter where some of our metrics were impacted by the environmental challenges. Efficient operations, cost optimization and delivery automation will be the key focus areas going into the next year. Our strong balance-sheet combined with a focus on cash conservation will help us tide over the volatility in near term, as we look to emerge stronger and leaner to capture opportunities ahead,” said Manoj Bhat, chief financial officer, Tech Mahindra.