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| Mahindra Satyam says it's chasing 30 large deals |
| K Rajani Kanth / Hyderabad Aug 29, 2009, 00:27 IST |
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Information technology services provider Mahindra Satyam is pursuing around 30 “large deals” and expects some of these to materialise during the current financial year, according to a senior official of the company.
“We are vigorously pursuing 20 to 30 large deals in the life sciences, public services, transportation and engineering domains, which are showing a lot of positive business momentum. We expect to close some of them to our advantage by this fiscal end,” the official told Business Standard, while declining to share the size of the deals.
A large deal, in normal IT parlance, is anywhere between $50 million (around Rs 245 crore) and $100 million (Rs 490 crore).
The scam-hit company, now logging on to the recovery path after Tech Mahindra acquired a controlling stake in it in April, has been seeing increasing business stability since then, winning over 30 new logos (customer wins), including the five-year SAP contract with global pharmaceutical major GlaxoSmithKline, the official added.
“The company has been witnessing high traction of business from emerging markets like India, Europe, Middle East and Asia (MEA) and the Asia Pacific. These new geographies are now accounting for close to 55 per cent of our business, while the contribution from the US is hovering around 45 per cent, a positive trend which is slowly beginning to grow and drive our revenues further,” he said.
On the company’s business processing outsourcing (BPO) arm’s recent major client win in Tata Docomo for providing back-office support, he said the company had already hired 1,000 professionals for its client. “Mahindra Satyam BPO will be adding 300 people every year over the next five years to service this telecom client,” the official added.
Mahindra Satyam, which had in June announced a one-time virtual pool programme aimed at addressing idle staff costs while retaining talent, had so far recalled 1,000 employees. “We will be calling back some more,” he added.
Mahindra Satyam stock ended the trade at Rs 113.85 on the BSE on Friday, down 0.52 per cent against the previous close of Rs 114.45.
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