Tech Mahindra forecasts double-digit growth as clients hike digital spends
By MYBRANDBOOK
Tech Mahindra has forecast double-digit growth for the ongoing fiscal year with the growing demand from clients.
Indian IT services providers have seen significant order wins, as customers digitise their businesses. Our continued focus on cutting-edge technologies has expanded client engagement with large deal wins this quarter. We are witnessing a strong demand acceleration and are committed towards delivering a next-level human-centred experience of the future, now,” said CP Gurnani, managing director and CEO, Tech Mahindra.
Business is expected to grow in the double digits as the company has moved from a ‘repair’ to a ‘growth’ phase, he said. The health and wellness of our associates and community at large continue to be our prime focus as we navigate through this pandemic together,” Gurnani said.
Tech Mahindra’s fourth quarter profits jumped 34.6% to Rs 1,081 crore, while revenues rose 2.5% to Rs 9,730 crore, but below analysts’ expectations. Sector trackers are, however, bullish about the company’s growth prospects as well as its deal pipeline.
“We believe TechM deserves multiple re-rating, considering industry-leading ERS CAGR over FY22-23E, driven by sharp rebound in EBIT margin and strong double-digit topline growth owing to uptick in global 5G rollout and higher demand for enterprise technology,” said Suyog Kulkarni, senior research analyst at Reliance Securities, in a note after the results, which were released after market hours Monday.
Tech Mahindra’s board has recommended a final dividend of Rs 15 per share and a special dividend of Rs 15, taking its total dividend payout for FY21 to Rs 45 per share, its highest ever.
Tech Mahindra’s focus on delivery transformation is expected to continue, as it increasingly witnesses a structural shift towards digital to adapt to the new normal. We are positioned uniquely to gain from this shift, while improving our financial and operating metrics going forward,” he added.
The company also announced the acquisition of US-based consulting and technology service company Eventus Solutions for up to $44 million.The acquisition is expected to boost its capabilities in the customer experience and customer management space, help build an industry leading consulting practice and move up the value chain in the business process services business.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Acer addresses evolving customer needs by consistently pushing
Acer offers a comprehensive range of products under one roof, including des
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
EXIDE INDUSTRIES LTD.
SAMSUNG INDIA ELECTRONICS LTD.
PRAMA HIKVISION INDIA PRIVATE LIMITED
TVS ELECTRONICS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : MADHABI PURI BUCH
Madhabi Puri Buch is the first-female chairperson of India’s markets...
ICONS OF INDIA : SANTHOSH VISWANATHAN
Santhosh Viswanathan is the the Vice President and Managing Director f...
Icons Of India : Dr. Arvind Gupta
Arvind Gupta is the Head and Co-Founder of the Digital India Foundatio...
PARTNER SPEAKERS
PSU
NIC - National Informatics Centre
NIC serves as the primary IT solutions provider for the government of ...
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - Shantanu Narayen, CEO- Adobe Systems Incorporated
Shantanu Narayen, CEO of Adobe Systems Incorporated, is renowned for h...
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
