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Executive Vice Chairmans Communique
It is a distinct pleasure to write to all of you on the culmination of a landmark year in the history of your company. It was a year where we made great progress on the merger and integration with Mahindra Satyam, a year where we were firmly back in the growth orbit and a year where your company was recognized as a leader in multiple areas of technology.
As you are aware we got all formal approvals for the merger in the first quarter of the current financial year and the Board of Directors of the Company has been re–constituted. It has been a satisfying four year journey for both companies and with the merger, Tech Mahindra is amongst the top 5 IT companies in India, with an associate strength of 83,000+. The new Tech Mahindra leverages the erstwhile Mahindra Satyam's expertise in Analytics, and Social domains and Tech Mahindra's experience and leading position in Security, Mobility, Cloud and Network Space. With continued leadership in the Telecom verticals, and considerable strengths across multiple other verticals like Manufacturing, BFSI and Healthcare, the combined entity stands poised to take advantage of the emerging market opportunities.
I am glad to inform you that despite business challenges and economic uncertainties, we have delivered on the promise of growth made at the beginning of the year. Economic uncertainties have become the norm, and business models are changing due to impact of emerging trends like unified networks, machine to machine communication, and social media. Tech Mahindra, with its focus on innovation, customer centricity and strategic acquisitions, has been able to sustain and grow its footprint in this demanding environment. Our investments in the areas of Networks, Mobility, Analytics, Cloud and Security ( NMACS ) are positioning us well to capitalize on the changing demand cycle and to deliver value to our customers. Our success in winning large engagements bears testimony to our strengths and capabilities in our chosen domains.
The operational integration of both companies is progressing well and we are currently aligning our systems, processes and best practices to ensure a seamless functionality across both companies. Customer Centricity and Associate Delight continue to be key focus areas and our recently launched 'Young CEO' is yet another step towards nurturing young talent in the company and empowering the exceptional.
Tech Mahindra added to its strengths and expanded its footprint in the global BPO and Managed VAS Services market through acquisition of Hutchison Global Services and Comviva Technologies, and we entered the Brazilian Enterprises solutions market through acquisition of Complex IT, one of the largest SAP consulting providers in Brazil. This acquisition marks another important milestone in our journey, and enables our Latin American customer's access to global delivery capability at a local delivery centre. In addition, we also added new delivery centers at Fargo, North Dakota, in Brussels, Belgium and commenced the construction of IT Development Centre in MIHAN SEZ, Nagpur, India.
Tech Mahindra's commitment to excellence over the past year earned us the 2013 AT&T Supplier Award for the third time in four years. Mahindra Comviva (a subsidiary of Tech Mahindra) won GSMA Global Mobile Awards 2013 in the Best Consumer Mobile Service category for their mobility services to Bangladesh Railways in collaboration with two leading mobile service providers. Tech Mahindra's focus on learning and employee development won us the Training Top 125 Award and we were ranked among the Top 3 companies in KPMG's Client Satisfaction Rankings in Europe.
Mahindra Rise tenets continue to inspire us as our teams drive positive change across all stakeholders. Our associates are engaged with the community and the employee volunteering program has seen an overwhelming participation both from our young associates and leaders.
Stepping into the New Year, we are confident of our way forward and are committed to delivering enhanced value to all our stakeholders. I would like to thank our valued customers and employees for their support that has been critical and integral to our success. I also like to place on record our deepest gratitude to our shareholders for their continued patronage and unwavering faith. I assure you that my team and I will live up to the trust you have reposed in us.
We look forward to an exciting year ahead with new milestones and achievements.
Executive Vice Chairman
Date: 12th August, 2013