Tech Mahindra's Q3 revenues surges from MENA region

Software major Tech Mahindra has reported a significant growth in revenues from the Middle East and North African (MENA) region, including Turkey, for the third quarter ended December 31, 2013.

The consolidated financial results were announced as part of the company's global third quarter financial results. The total revenues of Tech Mahindra's MENA business was up 50% as compared to the same period in the previous year, the company said.

The company's global revenue reached USD 791 million, up 17.2% year-on-year and 4.4% quarter-on- quarter, it added.

"Tech Mahindra showed technology leadership with key wins in prestigious government projects across the region. There were also top corporate wins across multiple verticals in the MENA region", said G B Kumar, Vice President and Geo Head - Middle East, Africa and Turkey, Tech Mahindra.

Today, Tech Mahindra's pipeline of project opportunities in the MENA region exceeds USD 350 million. The company is currently engaged in more than 50 important projects in the region.

"Our robust performance in the MENA region comes on the back of a rising demand for quality and innovative tech services. We are witnessing a trend where regional and global majors and public bodies, are all seeking tailor made IT solutions and not just off-the-shelf applications", Kumar said.

The growth is also the result of the company's focus on non-linear growth engines in the MENA region, which also shows the possibilities of joint venture, acquisitions and business value consulting, he added.

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