Tech Mahindra aims to clock USD 5 billion revenues by FY17
Tech Mahindra, India’s fifth largest software services exporter, is on track to become a USD 5 billion dollar company by fiscal 2017, a top company executive said today.
“So far as the business is concerned, it is good. Outlook is positive. It is not only for us, it is for the industry also. That’s a good sign. Let’s hope (we achieve USD 5 billion revenue goal).
“By the grace of God… we should be heading to that number. By 2016-17, there is a possibility that we will achieve our stated objective,” Tech Mahindra Executive Vice-Chairman Vineet Nayyar told reporters on the margins of an event here.
The company crossed USD 3 billion in revenues by the end of 2013-14 (from USD 2.6 billion in 2012-13) with nearly USD 500 million profit after tax.
On the current deal pipeline, he said the infotech major bagged large contracts which helped it clock USD 3 billion revenues last fiscal.
“We have been doing big deals. To reach USD 3 billion (in FY14) was not easy. Reaching USD 4 billion or USD 5 billion will be tough. But let’s see we will achieve.”
Nayyar was here to participate in an industry-academia interface programme organised at an engineering institute established by Mahindra Group and Ecole Centrale of Paris.
Asked about the cases filed against the company for the acts committed by promoters of scam-hit Satyam Computer prior to its acquisition by Tech Mahindra, Nayyar said they are in touch with the government and expect positive outcome.
“We are always in continuous dialogue with the government. If the government sees the way we see it, then hopefully there will be a solution. We are quite confident that the government does not have a legal case (against us) and we will contest it (if there is any).”
The cases filed by agencies such as Enforcement Directorate and Income Tax against Satyam Computer, arising out of the 2009 accounting fraud at the erstwhile firm, continue to haunt the IT major.
Mahindra Group took over Satyam Computer after a multi-billion dollar corporate fraud, committed by its founding-Chairman B Ramalinga Raju, came to light. Tech Mahindra still faces some of the legal cases linked to the scam.