About
Tech Mahindra Ltd
Tech Mahindra Limited was incorporated on October 24th, 1986 and commenced its business during the year 1987 and incorporated MBT International Inc in 1993, the first overseas subsidiary of the company. The Company is a leading provider of consulting-led integrated portfolio services to customers which are telecom equipment manufacturers, telecom service providers and IT Infrastructure service providers, business process outsourcing service providers as well as enterprise solutions services (BFSI, retail & logistics, manufacturing, E&U, and healthcare, life sciences, etc.) of Information Technology (IT) and IT-enabled services (ITe-S) delivered through a network of multiple locations around the globe. It also provides comprehensive range of IT services, including IT enabled services, application development and maintenance, consulting and enterprise business solutions, extended engineering solutions and infrastructure management services to a diversified base of corporate customers in a wide range of industries including insurance, banking and financial services, manufacturing, telecommunications, transportation and engineering services.
As a leading provider of IT Solutions to the Telecom industry, the company committed to quality, Tech Mahindra adds value to client businesses through well-established methodologies, tools and techniques backed by its stringent quality processes. The company's global footprint spans 24 locations in 14 countries including 11 state-of-the-art development centres and 13 sales offices in Americas, Europe, Middle East, Africa and Asia-Pacific.
As for quality, the company was awarded the ISO 9001 certification by BVQI in the year of 1994. After a year, in 1995, Tech Mahindra established one branch office in UK, following this; the company incorporated MBT GmbH, Germany during the year 2001. In 2002, the company assessed at Level 5 of SEI CMM by KPMG and in the same year Tech Mahindra incorporated MBT Software Technologies Pte Limited, Singapore. Re-certification happened in the year 2003 to ISO 9001:2000 by RWTUV. Due to market changes, the company combines leading offerings in Application Off-shoring (AoS) with scarce skills and COTS integration capabilities in the year 2003. To meet the off-shoring challenge the Company developed a transition process framework (MASTER) during the year 2004 for effective service delivery to customers. Moreover, the company developed a revolutionary diagnostic tool - ShoreCan - to evaluate the off-shoring potential of a project or group of projects in any phase of development. During the year 2005, the company was certified as BS 7799-2:2002 (Information Security Management Framework) by RWTUV now known as TUV Nord. In the same period, Tech Mahindra acquired Axes Technologies (India) Private Limited, including its US and Singapore subsidiaries and the company assessed at Level 5 of SEI CMMI by KPMG.
The name of the company was changed from Mahindra-British Telecom Limited to the present name Tech Mahindra Limited on 3rd February of the year 2006. In the same year 2006, the company assessed at Level 5 of SEI People-CMM (P-CMM) by QAI India. In August of the year Tech Mahindra raised Rs 4.65 billion ($100 million) from a hugely successful Initial Public Offering (IPO) to build a new facility in Pune, to house about 9,000 staff and formed a JV with Motorola Inc under the name CanvasM to develop a focused entity that would leverage Tech Mahindra's solution integration expertise and Motorola's R&D capabilities. The Company noted as Leaders in the Telecom Vertical in India (Frost & Sullivan 2006) and received Deloitte Tech Fast 50 2007 Award for Outstanding Achievement in the industry (Billing & OSS World 2007).
The company acquired iPolicy Networks Private Limited during the year 2007 to enhance its offerings in the security solutions and services domain that develops next-generation, carrier-grade integrated network security solutions for enterprise and service providers. A strategic alliance was made between the company with Sun Microsystems in May 2007 to enable the rollout of cost-effective and efficient IPTV services to the Indian and Asia Pacific markets.
Tech Mahindra expanded its relationship with Oracle in March 2008 to deliver a comprehensive software suite for the global communications industry. The company entered into a strategic partnership with Veracode during April 2008, giving the company access to a unique, on demand application security technology, which allows the company to further strengthen its application security capability as they expand into new markets. In June 2008, the company entered into a strategic global alliance with Microsoft Corporation to address its System Integration (SI) requirements for deployments of the award-winning Microsoft Mediaroom Internet Protocol Television (IPTV) and multimedia software platform. The Company bagged $7.6 million deal from Telecom Fiji in June 2008, as the first Indian IT Company to receive this transformational deal. Tech Mahindra signed a deal with Telecom New Zealand in June of the year 2008 to provide solutions to the company's retail business and the products it offers. The deal is worth between $20 million and $30 million.
On 16 April 2009, the Company Law Board passed an order approving the selection of Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra, as the successful bidder to acquire a controlling stake in Satyam Computer Services Ltd. Earlier, Satyam Computer Services on 13 April 2009 announced that the company's Board of Directors has selected Venturbay Consultants Private Limited as the highest bidder to acquire a controlling stake in the company, subject to the approval of the Company Law Board. On 7 January 2019, Satyam Computer Services' founder and Chairman Ramalinga Raju made shocking disclosures of financial irregularities at the IT firm.
On 24 April 2009, Satyam Computer Services received approval from the Seventh Division of the Federal Cartel Office of Germany permitting the completion of the acquisition of a controlling stake in the company by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra.
On 9 July 2009, Mahindra Satyam announced that it has signed a new 5 year Support Contract with GlaxoSmithKline (GSK) to provide SAP and other critical systems support to GSK's businesses across the world.
On 3 November 2009, Tech Mahindra announced it plans to collaborate with defence and security company Saab to develop its operations in India for the global defense and homeland security market.
On 11 March 2010, Mahindra Satyam announced that it has bagged a new four- year offshore contract from KMD, one of Denmark's leading IT companies. The new contract worth approximately $48 million is an extension of a previous contract that was due to expire this year which involved the supply of application development, testing and application support services particularly in the area of SAP which is a growing business for the Danish IT company.
On 30 July 2010, Tech Mahindra announced that the Tech Mahindra and Morpho (Safran Group) led consortium has been selected as one of the key partners to implement and deliver the Aadhaar program by UIDAI (Unique Identification Authority of India). The Tech Mahindra and Morpho team was selected by UIDAI as one of the three key partners for the initial phase of this program.
On 3 August 2010, Mahindra Satyam announced a partnership with Sybase Software (India) Pvt. Ltd., the Indian subsidiary of Sybase,Inc., to provide secured enterprise mobility solutions to customers globally.
On 13 October 2010, Mahindra Satyam announced that it has signed a large contract with the Commonwealth of Kentucky, USA for design and delivery of a document management system for the child support system. The project will be implemented over twenty months.
On 25 October 2010, Tech Mahindra announced that it has been selected as one among a total of three companies selected by Bharti Airtel to outsource customer service functions across 16 African countries. On 2 May 2011, Tech Mahindra announced its plans to set up BPO operations in Philippines. The company signed a multi-million dollar deal, as one of the preferred BPO partners for strategic outsourcing with a leading full-service telecommunications company in the Philippines. The deal is spread over a period of 3 years.
On 26 May 2011, Tech Mahindra announced that it had entered the billion dollar league with consolidated revenue of 1,126.6 million for the year ended 31 March 2011. In rupee terms, the company clocked revenue of Rs 5140.2 crore for the year ended 31 March 2011.
The Board of Directors of Tech Mahindra and Mahindra Satyam in their respective meetings held on 21 March 2012 approved a proposal to merge Mahindra Satyam with Tech Mahindra along with certain wholly owned subsidiaries of Mahindra Satyam and Tech Mahindra. As per the swap ratio for the merger, the shareholders of Mahindra Satyam will be allotted 2 shares of Tech Mahindra for every 17 shares held in the company on record date.
On 23 May 2012, Tech Mahindra announced the launch of its new delivery and development centre in Noida, Uttar Pradesh, India.
On 4 September 2012, Tech Mahindra announced the acquisition of 100% stake in Hutchison Global Services Private Limited for US $ 87.1 million, payable upfront. Hutchison Global Services (HGS) provides customer lifecycle operations to clients in UK, Ireland and Australia and has an associate base of over 11,500 employees. HGS operates out of Mumbai and Pune and is among the largest captives in the telecom domain. On 5 September 2012, Tech Mahindra and Royal KPN N. V. (KPN) announced the start of an international partnership in order to further improve KPN's efficiency and effectiveness in its IT environment and operational processes and to jointly address strategic growth areas. KPN expects to make savings of at least EUR 200 million over a 5-year period with the partnership.
On 17 September 2012, Tech Mahindra announced the acquisition of 51% stake on a fully diluted basis in Comviva Technologies Limited, a Bharti Group company, for a value of Rs 260 crore. Comviva Technologies is a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions.
On 22 April 2013, Tech Mahindra announced the launch of the modular Enterprise Managed Network Service (mEMS) platform, a cloud-based framework designed to give network managers the ability to grow and adapt their existing infrastructure without compromising performance.
On 23 April 2013, Tech Mahindra announced the launch of its new Service Virtualization as a Service (SVaaS) offering. This new managed service for Tech Mahindra's mid-market customers bundles CA LISA Service Virtualization software from CA Technologies with Tech Mahindra's professional services, leveraging cloud infrastructure to offer it in a subscription based pay-as-you-go model.
On 24 April 2013, Tech Mahindra announced the acquisition of lab assets and operations of the Type Approval Lab in Lund, Southern Sweden. This acquisition is in continuation with its efforts to provide end-to-end test solutions to device manufacturers and global carriers.
On 27 May 2013, Tech Mahindra signed a Memorandum of Understanding (MoU) with 'Navigation Information Systems' (JSC 'NIS') GLONASS, company that offers dual-system GLONASS/GPS chipset-based navigation equipment to the Indian market. As per the agreement, both the parties will jointly identify and develop potential opportunities, while agreeing to explore the emerging markets with strong focus on solutions such as Fleet Management Solution, Intelligent Transport Solution, Vehicle Security, Geo-fencing, and Precision Positioning Services among others. Tech Mahindra will play the role of System Integrator of NIS solutions, and will also customize the solutions as per Indian requirements, wherever required.
On 28 May 2013, Mahindra Satyam and Dion Global Solutions (Dion) announced the offering of a software solution to assist Financial Institutions (FIs) in Australia and New Zealand (ANZ) meet the US Foreign Account Tax Compliance Act (FATCA) regulations. On 6 June 2013, Mahindra Satyam announced that it has won a new multiyear contract with Bridgestone Europe for its managed services. The company will work on SAP based mission critical applications for Bridgestone Europe.
On 12 July 2013, Tech Mahindra announced that it has completed the process of allocating shares of the company to the shareholders of Mahindra Satyam, erstwhile Satyam Computer Services Ltd. The merger of Mahindra Satyam with Tech Mahindra was consummated on 25 June 2014. The merger created a technology services powerhouse, with revenue of USD 2.7 billion, a team of 84,000 professionals servicing 540 customers across 46 countries. Earlier, the Board of Directors of Tech Mahindra and Mahindra Satyam had separately approved the merger on 21 March 2012. After an approval from Mumbai high court, the Andhra Pradesh High Court gave its nod for the merger on 11 June 2013.
On 23 July 2013, Tech Mahindra announced that it has signed an agreement with UBS Fund Services (Luxembourg) (UBS FSL) as the first client for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators. The contract is for an initial five-year term. Under the agreement, Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data.
On 1 August 2013, Tech Mahindra announced that its Brazilian subsidiary, Complex IT has signed two deals to deliver Enterprise Solutions for Oil & Gas and Banking verticals. The first project is with Schahin Petr ' leo to deliver a new enterprise business solution for the operations of the Oil and Gas division of the Schahin Group. The project includes implementation of SAP ERP and addresses business pain points around complex supply chain logistics and strengthening of the integration process. On another instance COMPLEX IT has also signed a transformational contract with a leading bank in Brazil to deliver enterprise business solutions for SAP demands on AMS, Projects and on-going demands. This will help them overcome High Complexity environment and helping internal SLA.
On 5 August 2013, BASE Company and Tech Mahindra announced a five year managed service agreement for the operations and roll out of the BASE network in Belgium. With this agreement BASE Company is broadening its partnership with Tech Mahindra, creating highly efficient network operations, where a managed service partner is responsible for both network and IT. BASE Company is a fully-owned subsidiary of Royal KPN N.V., whose headquarters are located in Brussels. The company is mainly active in the field of mobile telephony via the brands BASE and BASE business.
On 5 September 2013, Tech Mahindra said that the company is witnessing strong demand for IT & Engineering solutions in China, driven by local enterprises upgrading productivity through technology and international retail brands seeking solutions to tap the fast-growing domestic consumer market.
On 12 September 2013, Tech Mahindra announced that the company has been chosen as a Strategic Partner for Application Maintenance and Development by the Volvo Car Corporation (Volvo Cars). This partnership will provide Volvo Cars with a service to maintain and develop a wide range of applications across the business and to develop and implement new applications as part of its drive to increase efficiency and reduce costs. Starting in September 2013, the contract with Tech Mahindra will provide Volvo Cars with Application maintenance and development across multiple domains, including Manufacturing, Product Development, Marketing, Sales and Reporting.
On 17 September 2013, Tech Mahindra announced that it will demonstrate eight connected Oracle solutions cutting across various industries at a 5-day Oracle OpenWorld 2013 beginning 22 September 2013. On 10 October 2013, Tech Mahindra announced the launch of its retail digital enterprise solution ShelfMonitor. This solution empowers retail store personnel with intelligent information on potential shelf gaps and real-time actionable insights, thereby helping retailers improve sales and avoiding lost opportunity.
On 22 October 2013, Tech Mahindra and Bosch Software Innovations, the software and systems house of the Bosch Group, announced a global strategic business partnership, which will primarily focus on the global manufacturing and transportation industry. The partnership aims to develop and deliver scalable digital enterprise solutions in the Internet of Things and Services' space. Tech Mahindra and Bosch will jointly develop solutions for industrial equipment management, connected services, and intermodal transportation.
On 8 November 2013, Tech Mahindra announced that it has partnered with Perpetual to provide registry services. Tech Mahindra will assume responsibility for Perpetual's existing registry capability supporting its Wholesale, WealthFocus and Select investment, superannuation and pension products. The agreement covers both administration and technology services.
The Board of Directors of Tech Mahindra and Mahindra Engineering Services (MES) at their separate meetings held on 29 November 2013 approved a proposal to merge MES with Tech Mahindra. MES is a global engineering consultant and service provider catering to automotive, aerospace, defense & manufacturing industries. MES clocked revenue of Rs 250.59 crore in FY 2013. The swap ratio for the merger was set at 5 shares of Tech Mahindra for every 12 shares held in Mahindra Engineering Services.
On 10 December 2013, Tech Mahindra announced the launch of its Global Center of Excellence (CoE) with Hewlett Packard (HP) in Bangalore. The CoE will focus on IT Application and IT Infrastructure Performance Management solutions that transform customers' IT operations landscape through automation and unification of key services.
On 29 January 2014, Tech Mahindra announced that it is supporting the implementation of SAP business systems at international publisher Cambridge University Press.
On 11 February 2014, Tech Mahindra announced that it is partnering with AIMS Software Pte. Ltd, a subsidiary of Quest Computing Ltd, one-of-the world's leading providers of Grant Management Systems. The partnership aims at evangelizing the AIMS proposition via their proven marketing and lead generation approach with an extensive use of Enterprise Ireland (EI) advice and support.
On 24 February 2014, Tech Mahindra announced the launch of its Near Field Communication (NFC) test lab in Bangalore, India. The NFC Testing and consulting capabilities in the lab will cater to the fast-growing needs of chipset manufacturers, OEMs, Service Providers, Acquires and Issuers from the banking industry.
On 25 February 2014, Tech Mahindra and Sierra Wireless announced that they have signed a formal teaming agreement to work collaboratively to develop and deploy end-to-end M2M solutions for customers worldwide. The collaboration leverages Sierra Wireless device-to-cloud offerings and Tech Mahindra's system integration and application development expertise to offer cost-effective, turnkey solutions tailored for prospective M2M customers in markets such as energy, transportation, industrial, and healthcare.
On 27 February 2014, Tech Mahindra's wholly owned German subsidiary Tech Mahindra GmbH, D sseldorf, announced that it has signed an agreement with BASF Business Services Holding GmbH to acquire its business with third party customers. This includes the 100%-owned subsidiary BASF Business Services Consult GmbH, based in Hamburg. BASF Business Services Holding GmbH will in future focus on providing information services, supply chain operations and business process management for BASF Group. BASF Business Services Holding GmbH (earlier called as BASF IT Services Holding GmbH) is an indirect wholly owned Group Company of BASF SE.
On 7 March 2014, Tech Mahindra and Microsoft announced their partnership to help develop the spring customer care update of Microsoft Dynamics CRM. Tech Mahindra's expert engineers helped Microsoft to develop key features which include - Mobile device support, cross browser support and enhanced user experience. Tech Mahindra is a Global SI and Consulting organization with strategic partnership with Microsoft.
On 12 March 2014, Tech Mahindra announced the launch of its Global Development Center with Alstom Transport, a world leading manufacturer of Rail Technology, on the occasion of signing a 3 year partnership agreement with Alstom. The development center will cover primarily engineering activities focused on concept to prototype build.
On 18 March 2014, Tech Mahindra announced that Volvo Car Group has selected the company to provide end-to-end IT infrastructure support and services in key countries globally including Sweden, China and Belgium. The scope of the partnership which was signed in February 2014 covers 2,800 servers across Volvo Cars' regional offices, global factories, global datacenter, R&D and manufacturing IT. The service also covers 4,000 factory devices in Sweden, Belgium, China and 30,000 end users and their work devices, including parts of the Volvo Cars dealer network. On 20 March 2014, Tech Mahindra announced the inauguration of its 3rd near shore delivery center in D sseldorf, Germany.
On 24 March 2014, Tech Mahindra announced a global alliance with Box, Inc. as a premier member of the 'Box Services Partner Program'. This alliance enables enterprise customers to leverage Box's cloud based content collaboration solution as part of Tech Mahindra's Digital Enterprise Platform (DEP) for handling document centric processes.
On 25 March 2014, Tech Mahindra announced the launch of Managed Data Service (MDS), a fully managed end-to-end reference data management Business Process as a Service (BPaaS) solution for the financial services industry in North America. The Managed Data Service (MDS) solution is designed around a utility model and comprises 3 integrated components - technology infrastructure, operational outsourcing and specialized software IP.
On 8 April 2014, Tech Mahindra announced the opening of a new Belgian delivery center in Antwerp. The Antwerp delivery center will further accelerate a hub and spoke delivery model for the Benelux region.
On 22 April 2014, Tech Mahindra announced that it has been chosen by New Hampshire's Division of Motor Vehicles (DMV) to implement its Motor Vehicle Enterprise System (MOVES), a configurable Microsoft Dynamics CRM-based solution. The solution will replace and modernize New Hampshire DMV's existing legacy system. Tech Mahindra worked closely with Microsoft in developing the Dynamics CRM-based MOVES solution.
On 8 May 2014, Tech Mahindra announced its foray into Mexico as part of its expansion strategy in the Americas region. Tech Mahindra in Mexico will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in various industries such as Telecom, Banking, Energy, Manufacturing, Retail distribution, Insurance and many others.
On 27 May 2014, Tech Mahindra announced that Premium Credit Limited, the No.1 Insurance Premium Finance Company in the UK and Ireland, has selected it to deliver front and back office application services. Tech Mahindra will provide operational support and maintenance services, as well as development and implementation.
On 5 June 2014, Tech Mahindra and Informatica Corporation, the world's number one independent provider of data integration software, announced an expansion of their decade-long strategic association.
On 11 June 2014, HPS, the market-leading provider of mission-critical solutions to the cards and payments industry, announced that it has entered into a global services alliance agreement with Tech Mahindra. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform.
On 2 July 2014, Tech Mahindra announced that it has signed a Joint Venture (JV) agreement with Midad Holding, which is a subsidiary of Al Fozan, a preeminent group with diversified business interests in Saudi Arabia. The JV will be called Tech Mahindra Arabia. Tech Mahindra will have 51% ownership while Midad will own 49% stake. Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals.
On 22 July 2014, Tech Mahindra announced plans to significantly expand in Korea. The company said in a statement that it will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in Korea in various industries such as Manufacturing, Auto, Aerospace & Defense, Telecom, Oil & Gas, BFSI, Healthcare, Engineering Services, Device Engineering, Telecom and EBS.
On 4 September 2014, Tech Mahindra announced that it has signed an agreement with Bombardier Aerospace. As part of this engagement, Tech Mahindra will provide engineering solutions to Bombardier.
On 18 September 2014, Tech Mahindra announced that it will work together with Bosch Software Innovations, the software and systems house of the Bosch group to develop an ecosystem to enable innovative solutions for the connected world and connected enterprises. Tech Mahindra's Digital Enterprise Solutions group will work with Bosch Software Innovations to develop proof of concepts and solutions that will focus on developing connected solutions for smart cities, enterprises and smart homes.
On 23 September 2014, Tech Mahindra announced that it has been selected by Ahlstrom to manage its information technology operations. With the multi-year, multi-million euro agreement, Ahlstrom aims to increase efficiency, harmonize service levels and lower IT costs.
On 6 October 2014, Tech Mahindra announced that it has successfully launched and operationalized 'The HUB for Airbus Group'. The HUB is a long-term transition from execution models to a platform-based approach in Product Development and Engineering services. The Airbus HUB will deliver multi-domain services and solutions, ranging from product development to after-market services to the Airbus Group.
On 12 November 2014, Tech Mahindra announced the evolution of its next-generation managed services offering, Tech Mahindra MSO based on its modular Enterprise Managed Network Service (mEMS2.0) platform. This cloud-based framework is designed to help enterprises pave the way for a modular, flexible and scalable approach for building NexGen MSO services that can meet enterprise customers' critical demand - optimized service with exponential value at a very efficient cost.
On 20 November 2014, Tech Mahindra announced that it has signed a definitive agreement to acquire global network services leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million, subject to regulatory approvals. Headquartered in McLean, Virginia, LCC, with annual revenue of more than $400 million, is one of the world's largest independent global providers of Network Engineering services to the telecommunications industry. The acquisition positions Tech Mahindra as the pre-eminent partner for network services globally.
On 25 November 2014, Tech Mahindra announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages.
On 11 December 2014, Tech Mahindra announced the inauguration of the new IT block in Bhubaneswar, Odisha adding to the existing block that houses 500 associates. The total capacity of the Bhubaneswar facility with the addition of new building will be 1,111 seats.
On 17 December 2014, Tech Mahindra announced the launch of Automotive Aftermarket Suite. It enables Tech Mahindra to offer innovative solutions in the space of Telematics, sensor-based predictive maintenance, for thousands of cars on the road worldwide. The Automotive Aftermarket Suite is one-of-the first platform solutions in the Aftermarket space. Tech Mahindra plans to provide this solution as a managed service to OEM's, importers, and dealer networks.
On 6 January 2015, Tech Mahindra announced that it has teamed-up with global telecom technology firm Avion Systems to provide Network Design and Engineering Services to major communications service providers. Tech Mahindra has been chosen as a minority investor at Avion Systems and the new joint venture will be called Avion Networks Inc. The joint venture aims to play a significant role as a strategic supplier of choice to the carriers in the final deployment and management of current mobile networks and their planned transformation into the next-generation cloud enabled, virtual and software driven networks.
On 9 January 2015, Tech Mahindra announced that it has signed a definitive agreement to acquire SOFGEN Holdings Limited (SOFGEN), a niche consulting and services company with worldwide presence specializing in Private/Wealth, Commercial and Retail Banking solutions. With this acquisition, Tech Mahindra will have the capability to offer a unique combination of 'Change the Bank and Run the Bank' services to Retail banking, Private Banking and Wealth Management customers globally.
On 11 February 2015, Tech Mahindra's subsidiary Mahindra Comviva announced a target growth of 300% by 2018 in the Americas region. Mahindra Comviva said at that time that it would focus on expanding its footprint in the Americas through advanced mobile wallet and payments solutions.
On 24 February 2015, IBM announced that it has signed a strategic teaming agreement with Tech Mahindra to accelerate global hybrid Cloud adoption. Through this alliance, IBM will provide an open, flexible cloud environment to enable Tech Mahindra's developers to build cloud-native and cloud enabled applications with a scalable model.
On 4 March 2015, Tech Mahindra announced, the launch of best in class SDN and NFV based solutions suite to address the ever changing network scenarios and demands in building the smart cities. Tech Mahindra has established itself as a key player in the SDN-NFV space and offers vendor neutral System Integration capabilities and highly scalable Managed Services to its customers.
On 5 March 2015, CA Technologies and Tech Mahindra announced that they have entered an agreement to develop and deploy end-to-end secured Internet of Things (IoT) solutions for enterprise customers worldwide. The agreement will leverage solutions from the CA DevOps portfolio including CA Release Automation, CA Service Virtualization, CA Mobile App Analytics and CA Unified Infrastructure Management (CA UIM) with Tech Mahindra's expertise to build and deliver mobile applications. This effort will offer enterprise customers advanced management capabilities resulting in improved operational efficiency and customer loyalty.
On 10 March 2015, Tech Mahindra announced the opening of the first Center of Excellence (CoE) for Google tools at Tech Mahindra's Global Solution Center in Cyberjaya, bringing transformational solutions to enterprises across Malaysia and the Asia Pacific region. The CoE aims to be the hub for innovation within the region and to focus on nurturing and building solutions with the best combination of products and technologies.
On 20 March 2015, Tech Mahindra announced that it has signed a strategic agreement with Gao Feng Advisory Company (Gao Feng), a global management consultancy with roots in China. Both firms will seek to join forces to deliver a unique and comprehensive set of services to their clients in China and worldwide.
On 15 April 2015, Tech Mahindra and Nasdaq listed Comverse announced that they have reached an agreement in principle on a strategic relationship, whereby Comverse will accelerate its transformation as a global innovator in digital services by leveraging Tech Mahindra's expertise and scale in development and delivery of digital offerings. As part of this initiative, employees from certain functions within Comverse's Digital Services business unit are anticipated to join Tech Mahindra.
On 22 April 2015, Tech Mahindra announced the launch of its fourth center in Philippines. The company will service global enterprise & telecommunication clients from the new facility.
On 30 April 2015, Tech Mahindra announced that the company was selected by Clark County Water Reclamation District (CCWRD) to implement Oracle Utilities Customer Care and Billing. Clark County Water Reclamation District is a water reclamation utility with offices in Clark County, Las Vegas, Nevada. Tech Mahindra is a Platinum level member of Oracle PartnerNetwork (OPN).
On 6 May 2015, Tech Mahindra announced the inaugurating a new office space in G g, Sweden.
On 13 May 2015, Tech Mahindra and MDS, a leading provider of real-time charging, billing and customer management solutions, announced a strategic global alliance with the first client win at Dixons Carphone. Tech Mahindra has implemented the leading billing and customer management solution of MDS and will manage the entire services infrastructure for Dixons Carphone iD, which will operate on three networks.
On 19 May 2015, Tech Mahindra announced that it will build an Intelligent Electric Vehicle Charging System (IEVCS) designed to help build Ontario's clean energy future. The project, sponsored by Ontario's Ministry of Energy and funded in part through the Ontario Smart Grid Fund initiative, will analyze the effects of electric vehicle charging on transformers by creating a real time transformer monitoring and analytics solution. The key benefit of the solution is the real time monitoring of the transformers and the ability to automatically manage the charging between vehicles to ensure the transformers do not overload as a result of EV charging.
On 11 June 2015, Tech Mahindra announced the launch of its next generation Cloud Management Platform mPAC (managed Platform for Adaptive Computing) for Hybrid IT Management. It leverages technologies from HP and VMTurbo suite of products.
On 24 June 2015, Tech Mahindra announced that it has been selected by Circle Health after a competitive procurement process to become their chosen technology partner for the next 10 years. The project will be delivered by nth Dimension, a newly formed wholly owned subsidiary of Tech Mahindra in the United Kingdom. The value of the contract is 50 million over 10 years.
On 29 June 2015, Tech Mahindra said in an investor update ahead of the announcement of its Q1 June 2015 results that there have been some headwinds and tailwinds which could see a risk of marginal decline in the company's revenue and EBITDA margin on a sequential basis in Q1 June 2015. The company also warned at that time that FY 2016 organic communications business growth could remain subdued due to delayed decision making by clients.
On 8 July 2015, Tech Mahindra and PNMsoft, a global provider of Intelligent BPM Software (iBPMS) solutions, announced a collaboration to offer superior customer experiences.
On 20 August 2015, Tech Mahindra announced that the Reserve Bank of India has granted an in-principle approval to the company to set up a Payments Bank. The bank will be an independent unit under the Mahindra Group led by Tech Mahindra and Mahindra Finance, a leading rural NBFC, as equal contributors to the new entity.
On 14 September 2015, Tech Mahindra announced that it has joined Real-Time Innovations' (RTI) rapidly expanding Services Delivery Partner (SDP) program, designed to help companies capitalize on the growing Industrial Internet of Things (IIoT) market. RTI SDPs offer outsourced product development, system integration and domain-specific consulting across multiple industries.
On 5 October 2015, Tech Mahindra and Bombardier Commercial Aircraft announced that they have signed an agreement under which Tech Mahindra will develop the Aircraft Ground Support System (AGSS) for Bombardier's Aircraft Health Management System (AHMS) for the C Series family of aircraft. The AGSS will facilitate real-time and post-flight recorded data management, fault notification and diagnostic reporting. By leveraging the large amount of data recorded and transmitted from C Series aircraft, the AHMS will allow operators to make sound decisions on aircraft performance and maintenance.
On 14 December 2015, Tech Mahindra and its parent company Mahindra & Mahindra (M&M) jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic Italian brand in automotive and industrial design. The investment by Tech Mahindra and M&M will be done via a joint venture company held 60% by Tech Mahindra and 40% by M&M. Pininfarina's legendary brand status will allow Tech Mahindra powerful access to relationships the iconic designer has nurtured with the best in the world over its 85-year history, including with Ferrari, Alfa Romeo, Maserati and Peugeot.
On 23 December 2015, Tech Mahindra announced the launch of India's first contactless digital payment ecosystem branded MoboMoney.
On 7 January 2016, Tech Mahindra announced that it has entered into a strategic alliance with MetricStream, Inc, the global market leader in Governance, Risk and Compliance (GRC) Management Apps, to deliver GRC Solutions across the globe. Tech Mahindra has established a dedicated MetricStream Center of Excellence (CoE) in Bangalore, India, which will be supported by expert consulting services worldwide in various geographical markets. The GRC offering will target verticals such as BFSI, Retail, Manufacturing, Healthcare, Telecom and Infrastructure.
On 17 February 2016, Tech Mahindra and Qlik, a leader in visual analytics, announced that the companies have expanded their global alliance. Qlik and Tech Mahindra will work together to bring further value to joint customers through Tech Mahindra's platform offerings and Qlik's unique platform approach to visual analytics.
On 23 February 2016, Tech Mahindra announced that it has been selected by Nationwide Building Society to provide Network and Infrastructure Transformation services in a five year, partnership agreement. Tech Mahindra will provide specialist resources to support Nationwide's network upgrade and digital banking strategy, enabling the Building Society to improve efficiencies across its branches and offices and to expand its customer-facing digital services.
On 23 February 2016, Tech Mahindra announced plans to build Internet of Things (IoT) solutions by utilizing the Microsoft Azure IoT Suite. On 25 February 2016, Tech Mahindra and Comptel Corporation announced their collaboration to re-write telecommunications operators' billing playbooks. On 23 March 2016, Tech Mahindra announced that it has expanded its footprint in France with the launch of a new Development Centre facility in Toulouse, dedicated to projects for its existing partner and customers in the aerospace industry.
On 28 March 2016, Tech Mahindra announced its participation as a member of the new GE Digital Alliance Program that is dedicated to growing the digital industrial ecosystem. Tech Mahindra and GE Digital will work together to create innovative solutions that will address the need of the Power, Oil and Gas, and Transportation industries. Tech Mahindra has been an early adopter of the Predix platform, GE's cloud platform-as-a-service for the Industrial Internet.
On 25 April 2016, Tech Mahindra and Newtec, a specialist in designing, developing and manufacturing equipment and technologies for satellite communications, signed an agreement which will see the two companies cooperate on future projects. Newtec and Tech Mahindra will initially work together on a contract awarded by satellite operator Yahsat.
On 18 May 2016, Tech Mahindra announced the launch of Fresh Produce End to End Digital Supply Chain (FEEDS) solution. This revolutionary initiative manages the food supply chain, which enables companies to transport farm grown produce and deliver it as fresh as if it were grown locally. FEEDS enables business collaboration, maintains product quality and freshness while providing a 15-20% reduction in losses and wastes.
On 27 May 2016, Tech Mahindra announced that it has entered into an agreement to acquire Target Group, one of the leading processing platform companies in the UK. The acquisition strengthens Tech Mahindra's BFSI practice by access to IP and platform which helps automate end-to-end processes in the lending, investments and insurance market. As part of the agreement, Tech Mahindra has agreed to purchase 100% of the shares of Target Group for an Enterprise Value of GBP 112 million. Target Group had revenues of GBP 51 Million in 2015.
On 1 June 2016, Tech Mahindra announced that it has been selected by Department of Motor Vehicles (DMV) of Nevada, US to be the prime systems integrator for the System Modernization or 'SysMod' project - a transformational initiative to modernize the DMV operations.
On 13 June 2016, Tech Mahindra announced collaboration with ArisGlobal, a leading provider of cloud-based software solutions for life sciences, to provide the life sciences industry with a complete end-to-end solution for identification of medicinal products compliance.
On 22 June 2016, Tech Mahindra announced the acquisition of The BIO Agency (BIO), headquartered in the UK. The BIO Agency specialises in digital transformation and innovation, helping organisations change the way they engage with their customers.
On 26 July 2016, Tech Mahindra announced that it has launched its 17th Delivery Center in Cincinnati Blue Ash Area, US to primarily serve its customers with export control services within the Aerospace & Defense sector. The center will primarily be leveraged to provide Engineering, Big Data and Analytics services to a large conglomerate in the region and also other customers in the US.
On 26 September 2016, Tech Mahindra announced collaboration with DxContinuum, Inc., a leader in the field of predictive analytics for sales and marketing teams, to provide a highly intuitive and usable solution for business-to-business (B2B) sales organizations. The joint offering delivers highly accurate forecasts, dramatically boosts productivity and enables sales teams to get a jump on cross-sell/upsell opportunities on a subscription base.
On 27 September 2016, Tech Mahindra unveiled new strategy for network services business, which will enable communication service providers to transform and modernize their networks faster. Network services are a key part of Tech Mahindra's communication business, which accounts for nearly half the company's overall business.
On 28 September 2016, Tech Mahindra announced that it has successfully completed the first phase of transformation at Oklahoma Gas and Electric (OG&E), a regulated electric utility serving over 819,000 customers in Oklahoma and western Arkansas. Tech Mahindra has signed a multiyear, multimillion-dollar contract with OG&E.
On 30 September 2016, Tech Mahindra announced that it has been selected by the state government of Jharkhand as a strategic partner to help the state government in its digital journey and employment generation through skill development. As a strategic IT partner, Tech Mahindra will work towards promoting technology adoption by the citizens in the state apart from helping build an ecosystem with greater participation of industry players. The partnership also requires Tech Mahindra to work with the state government to promote digital literacy and skill development working with various industry organizations including Nasscom Foundation.
On 2 November 2016, Tech Mahindra announced that it has been chosen as the strategic ICT (Information and Communications Technology) supplier by Stockmann, a Finnish company engaged in retail operations.
On 2 November 2016, Tech Mahindra announced the launch of its Virtual Network Function (VNF) Exchange, along with a number of leading new age providers of Software Defined Networks (SDN) and Network Functions Virtualization (NFV) products. As the first product independent global industry platform, Tech Mahindra's VNF Exchange is aimed at pre-certifying VNF design, VNF stack and VNF performance.
On 23 November 2016, Tech Mahindra announced the launch of the Connected Service Experience Solution, which will enable the manufacturing industry to integrate connected devices with end-to-end business processes. Built on Pegasystems' industry-leading Pega 7 Platform, this solution allows organizations to harness the power of the Industrial Internet of Things (IIoT) for increased efficiency and better customer experiences.
On 4 January 2017, Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group announced the launch of a Joint Venture, Tech Mahindra Arabia Ltd. The JV Company in which Tech Mahindra holds majority stake would cater to the market in the Kingdom of Saudi Arabia (KSA). Al Fozan Group is a leading conglomerate with operations throughout the Middle East.
On 16 January 2017, Tech Mahindra announced the opening of a Centre of Excellence (CoE) in Dublin, Ireland. The Dublin CoE will be central to Tech Mahindra's operations in Ireland and would focus on emerging technologies such as Robotics and Automation, Business Analytics, Cloud Infrastructure and Digital Services. As a part of a new investment in Ireland, the Dublin CoE will bolster Tech Mahindra's regional footprint in the country and help the company deliver technology services to clients in Ireland as well as Europe.
On 6 March 2017, Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company that does business as (DBA) 'The HCI Group.' Tech Mahindra will make an upfront payment of US$ 89.5 million for purchase of 84.7% stake in the company. The balance stake of 15.3% will be acquired over a period of three years.
On 10 March 2017, Tech Mahindra announced that the company has selected Jacada Inc. a leading international provider of digital customer experience technology, to accelerate the digital transformation of customer operations for clients across industries. Jacada's digital customer experience technology helps in simplifying interactions between businesses and their customers.
On 17 March 2017, Tech Mahindra and Huawei Enterprise Business Group (EBG) signed a global partnership agreement. As per the agreement, Tech Mahindra will market Huawei's enterprise products and services across 44 countries including India. The alliance would also involve launching a joint go-to-market (GTM) strategy, thus giving a boost to the competitiveness of both companies in the global marketplace, by leveraging each other's core strengths. Huawei is a leading global ICT solutions provider.
On 3 October 2017, Tech Mahindra announced that it has won a multi-year, multi-million euro deal from Ahlstrom-Munksj to manage the company's end-to-end IT operations. Tech Mahindra will assist Ahlstrom-Munksj in its digital transformation journey, with end-to-end IT services and solutions including IT user support, infrastructure management and application support using next generation digital and automation tools and technologies. Besides, approximately 25 employees of Ahlstrom-Munksj are expected to be transferred to Tech Mahindra as per the agreement.
On 11 October 2017, Tech Mahindra and the Saudi Telecom Company (STC), represented by its enterprise focused business unit, STC Business, announced a strategic alliance aimed at enabling the Kingdom of Saudi Arabia (KSA) in its Vision 2030 through innovations in digitalization targeting a broad spectrum of sectors. As a part of the Vision 2030, the KSA is looking at making the kingdom a global model of excellence on all fronts by diversifying its economy and developing public sectors such as health, education, infrastructure, recreation, and tourism.
On 13 November 2017, Tech Mahindra and Toshiba Digital Solutions announced their strategic partnership to work in the area of smart factory. As strategic partners, the two companies will synergize their group manufacturing heritage, domain expertise and existing customer base to expand business in the smart factory market together. This partnership aims to leverage strengths of both the companies and offer a one stop solution for manufacturer customers with the latest IoT technologies and system integration capabilities from both sides.
On 21 December 2017, Tech Mahindra announced that it is partnering with Gao Feng Advisory Company to set up a Joint Artificial Intelligence (AI) Lab in Shanghai. The AI lab will work in the areas of futuristic digital technologies including AI Chatbot Services, Smart Process Automation, NLP (Text Analytics), Image Recognition & Processing, Machine Learning and Predictive Analytics. With this, both the firms aim to deliver unique and comprehensive set of services to their clients in the Greater China region starting from strategy to implementation and enabling clients in their Digital Transformation journey. Gao Feng Advisory Company is a global strategy and management consulting firms with strong roots in China.
On 15 January 2018, Tech Mahindra announced that the company is working with IBM to help Tech Mahindra's clients migrate their most demanding workloads to IBM POWER9. This multi-year relationship is designed to accelerate Power Systems adoption for IBM and strengthen Tech Mahindra's offerings around virtualization, data center transformation and high-performance computing. Tech Mahindra is an IBM Business Partner and assists clients with migrations to Power-based solutions.
On 15 January 2018, Tech Mahindra announced that it has partnered with ContextSpace Solutions Ltd, a privacy research and development firm based in Israel, to develop the world's first global software privacy ecosystem, MyData Shield. Tech Mahindra has developed MyData Shield, a cloud-based Privacy Protection as a service that will enable software developers to easily address security and personal data protection concerns.
On 23 January 2018, Tech Mahindra announced that it will now make available AT&T FlexWare, a transformative, global network infrastructure solution from AT&T Inc., to its global clients as well as use it internally. Tech Mahindra intends to combine AT&T FlexWare with its System Integration and Services Portfolio, and offer the solutions to its global clientele who are undergoing digital transformation.
Mahindra Racing, the only Indian team to compete in the ABB FIA Formula E Championship, announced the formation of a strategic partnership with Pininfarina and Tech Mahindra on 24 January 2018. This agreement gives Mahindra Racing access to Pininfarina's globally renowned design expertise and Tech Mahindra's digital technology prowess.
On 22 February 2018, Tech Mahindra announced a strategic investment of CAD 100 million over 5 years to establish a new Center of Excellence' (COE) in Canada. This strategic initiative will focus on major technologies such as Artificial Intelligence (AI) and Blockchain, which are driving innovation across industries and will cater to the exponentially growing need for AI and Blockchain application especially in the Fintech' and Smart Cities' spaces.
Tech Mahindra Ltd
Chairman Speech
Creating a Company with a Purpose
Dear Shareholders
Last year, we commenced on a journey of transformation where we relentlessly focused on
execution while maintaining our goal of being a Next Gen Services Partner through
TechMNxt. It is with great pride that we look back at our FY19's digital transformation
journey. We had a significant uptick in our digital share, our digital revenues registered
a growth of over 41% annually and we were recognized with one of the biggest rankings
worldwide - listed among the top 15 companies in the Forbes Digital 100, a ranking of
organisations that are shaping the digital economy. Your company was also the
highest-ranked non-US company in the list.
Partner Ecosystem: Grow beyond the sum
Technology drives demand, and demand drives more technology. We live in a world where
customer needs are getting more specialized, more complex and collaboration is the key to
managing this new ecosystem. Today, through TechMNxt, we work with some of the best
startups in emerging technology areas like Artificial Intelligence, Machine Learning, IoT,
Blockchain and many others. Our rich partner program enables adoption of assorted
technologies creating better solutions and services for customers and more importantly,
paving the way for collaborative disruption.
We had a satisfactory year with revenue growth coupled with significant margin
expansion. We ended the year with a revenue growth of 12.9% at INR 34,742 crores and our
profit after tax was INR 4,298 crores up by 13% from FY18. In dollar terms, we ended the
year with revenue of USD 4,970.5 Mn representing a growth of 4.2% and constant currency
growth of 5.8%. This year has been a milestone year in many aspects. We ended the year
with 290 bps improvement in EBITDA margin over FY18. Our strategy of growing verticals
outside of Communications has paid off, with the Manufacturing vertical now crossing one
billion dollars in Revenue in FY19. With our relentless focus on cash conversion, we
generated a record free cash flows of INR 3,708 crores in FY19. We also initiated our
maiden Share Buyback this year as part of our capital allocation policy. During the course
of the year, we saw a turnaround in our communication business with a growth of 3.8% CQGR
between Q1 & Q4 FY 2019. We continue to expand our industry leading capabilities in
Communication business as we position ourselves to capture the ‘5G Wave'. We have
been investing in developing capabilities and partnerships addressing multiple facets of
5G roll-out and our investments in Altiostar or Rakuten 5G testing lab are examples of our
commitment in this area. Our Enterprise business grew at industry rates of 8.0% YoY and
growth of 9.7% on constant currency basis in FY19. We continue to add capabilities through
acquisitions such as in Inter-Informatics Group and Dynacommerce that are focused on
sharpening our abilities in key areas. We also optimized efficiency in our portfolio
companies while driving synergy deals leading to improvement in growth and margins.
Sustainability : Key Focus
Creating sustainable value and outperforming the competition has never been more
challenging. Empowered customers are defining business on their own terms. Business
leaders need to ask themselves:
How can I increase profitability by doing more with less?
What does it mean to be a responsible business in a digital world?
How can I measure and share a positive impact on society?
To address these, we have integrated sustainability into our company's core strategy.
Tech Mahindra believes in extending its radius of responsibility beyond immediate benefit
to long-term good. At the Global Climate Action Summit 2018, anchored by Mission 2020
consortium, your Company, along with twenty-one global digital powerhouses, announced the
launch of the Step Up Declaration, a new alliance dedicated to harnessing the power of the
fourth industrial revolution, to help reduce greenhouse gas emissions across all economic
sectors and ensure a climate turning point by 2020. We are focused on leveraging
technology to provide green solutions that spur responsible growth, and in India, we are
actively engaged in various Smart City projects in Gandhinagar, Kanpur, Jaipur and the
Pimpri Chinchwad belt in Maharashtra. Combined with our global Managed Services
capabilities and an industry-leading ecosystem of partners, we are a single window partner
for concept to roll out to management for Smart City solutions.
Rise for Good
Tech Mahindra Limited implements all its Corporate Social Responsibility activities
through Tech Mahindra Foundation, a Section 25 company (referred to as a Section 8 Company
in the Indian Companies Act, 2013). The Foundation's social work currently focuses on
school and higher technical education, employability, and disability. As on March 31,
2019, the Foundation was running more than 150 projects across 11 locations in India and
during 2018-19, the Foundation impacted over 36,723 primary beneficiaries. The initiatives
under the higher technical education are carried out through Mahindra Educational
Institutions (MEI).
Employability: SMART (Skills for Market Training) is the Foundation's flagship
employability programme, currently at 100 centres and growing. The employability programme
trained close to 19,000 youth in 2018-19 who completed their training in various courses.
Education: Initiatives in ARISE (All-Round Improvement in School Education) and ARISE+
positively impacted 16,000 students. We also trained 2,493 teachers under the Shikshaantar
project in 2018-19.
Disability: During 2018-19, the Foundation supported 3,960 persons with disabilities.
SMART+ trained 1,477 young men and women and helped them find dignified jobs. ARISE+
supported 2,483 children with disabilities enabling them to continue with their choice of
education. Corporate Volunteering: In 2018-19, 31,830 Tech Mahindra associates contributed
164,278 hours of volunteering through a robust corporate volunteering programme across
locations.
Company With a Purpose
Finally, I wish to share that our journey towards being and becoming a Company with
a Purpose found new strengths as we adopted sustainability as a way of life and made
people embrace greater responsibility at Tech Mahindra this year. 2018-19 returned us
hundreds of stories of TechMighties coming forward in the areas of corporate
sustainability as well as corporate and individual social responsibility. We have been
able to both do well and do good, and earn recognition and appreciation for that. Whether
it is sustained efforts in the areas of green and blue, focused efforts in schools and
skills as a Company, or personal acts of responsibility in everyday life, we have been
successful in building a better world than the one we found. It is one of the most
satisfying, humbling and gratifying aspects of what we do at TechM.
I sincerely thank all our stakeholders, our customers, our employees and our
shareholders for their unstinting support and guidance. As I look into the new Fiscal
19-20, I am excited about the disruptions that lie ahead and the opportunities that your
company can leverage.
Sincerely
C. P. Gurnani
Place: Mumbai
Date: May 21, 2019
Tech Mahindra Ltd
Company History
Tech Mahindra Limited was incorporated on October 24th, 1986 and commenced its business during the year 1987 and incorporated MBT International Inc in 1993, the first overseas subsidiary of the company. The Company is a leading provider of consulting-led integrated portfolio services to customers which are telecom equipment manufacturers, telecom service providers and IT Infrastructure service providers, business process outsourcing service providers as well as enterprise solutions services (BFSI, retail & logistics, manufacturing, E&U, and healthcare, life sciences, etc.) of Information Technology (IT) and IT-enabled services (ITe-S) delivered through a network of multiple locations around the globe. It also provides comprehensive range of IT services, including IT enabled services, application development and maintenance, consulting and enterprise business solutions, extended engineering solutions and infrastructure management services to a diversified base of corporate customers in a wide range of industries including insurance, banking and financial services, manufacturing, telecommunications, transportation and engineering services.
As a leading provider of IT Solutions to the Telecom industry, the company committed to quality, Tech Mahindra adds value to client businesses through well-established methodologies, tools and techniques backed by its stringent quality processes. The company's global footprint spans 24 locations in 14 countries including 11 state-of-the-art development centres and 13 sales offices in Americas, Europe, Middle East, Africa and Asia-Pacific.
As for quality, the company was awarded the ISO 9001 certification by BVQI in the year of 1994. After a year, in 1995, Tech Mahindra established one branch office in UK, following this; the company incorporated MBT GmbH, Germany during the year 2001. In 2002, the company assessed at Level 5 of SEI CMM by KPMG and in the same year Tech Mahindra incorporated MBT Software Technologies Pte Limited, Singapore. Re-certification happened in the year 2003 to ISO 9001:2000 by RWTUV. Due to market changes, the company combines leading offerings in Application Off-shoring (AoS) with scarce skills and COTS integration capabilities in the year 2003. To meet the off-shoring challenge the Company developed a transition process framework (MASTER) during the year 2004 for effective service delivery to customers. Moreover, the company developed a revolutionary diagnostic tool - ShoreCan - to evaluate the off-shoring potential of a project or group of projects in any phase of development. During the year 2005, the company was certified as BS 7799-2:2002 (Information Security Management Framework) by RWTUV now known as TUV Nord. In the same period, Tech Mahindra acquired Axes Technologies (India) Private Limited, including its US and Singapore subsidiaries and the company assessed at Level 5 of SEI CMMI by KPMG.
The name of the company was changed from Mahindra-British Telecom Limited to the present name Tech Mahindra Limited on 3rd February of the year 2006. In the same year 2006, the company assessed at Level 5 of SEI People-CMM (P-CMM) by QAI India. In August of the year Tech Mahindra raised Rs 4.65 billion ($100 million) from a hugely successful Initial Public Offering (IPO) to build a new facility in Pune, to house about 9,000 staff and formed a JV with Motorola Inc under the name CanvasM to develop a focused entity that would leverage Tech Mahindra's solution integration expertise and Motorola's R&D capabilities. The Company noted as Leaders in the Telecom Vertical in India (Frost & Sullivan 2006) and received Deloitte Tech Fast 50 2007 Award for Outstanding Achievement in the industry (Billing & OSS World 2007).
The company acquired iPolicy Networks Private Limited during the year 2007 to enhance its offerings in the security solutions and services domain that develops next-generation, carrier-grade integrated network security solutions for enterprise and service providers. A strategic alliance was made between the company with Sun Microsystems in May 2007 to enable the rollout of cost-effective and efficient IPTV services to the Indian and Asia Pacific markets.
Tech Mahindra expanded its relationship with Oracle in March 2008 to deliver a comprehensive software suite for the global communications industry. The company entered into a strategic partnership with Veracode during April 2008, giving the company access to a unique, on demand application security technology, which allows the company to further strengthen its application security capability as they expand into new markets. In June 2008, the company entered into a strategic global alliance with Microsoft Corporation to address its System Integration (SI) requirements for deployments of the award-winning Microsoft Mediaroom Internet Protocol Television (IPTV) and multimedia software platform. The Company bagged $7.6 million deal from Telecom Fiji in June 2008, as the first Indian IT Company to receive this transformational deal. Tech Mahindra signed a deal with Telecom New Zealand in June of the year 2008 to provide solutions to the company's retail business and the products it offers. The deal is worth between $20 million and $30 million.
On 16 April 2009, the Company Law Board passed an order approving the selection of Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra, as the successful bidder to acquire a controlling stake in Satyam Computer Services Ltd. Earlier, Satyam Computer Services on 13 April 2009 announced that the company's Board of Directors has selected Venturbay Consultants Private Limited as the highest bidder to acquire a controlling stake in the company, subject to the approval of the Company Law Board. On 7 January 2019, Satyam Computer Services' founder and Chairman Ramalinga Raju made shocking disclosures of financial irregularities at the IT firm.
On 24 April 2009, Satyam Computer Services received approval from the Seventh Division of the Federal Cartel Office of Germany permitting the completion of the acquisition of a controlling stake in the company by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra.
On 9 July 2009, Mahindra Satyam announced that it has signed a new 5 year Support Contract with GlaxoSmithKline (GSK) to provide SAP and other critical systems support to GSK's businesses across the world.
On 3 November 2009, Tech Mahindra announced it plans to collaborate with defence and security company Saab to develop its operations in India for the global defense and homeland security market.
On 11 March 2010, Mahindra Satyam announced that it has bagged a new four- year offshore contract from KMD, one of Denmark's leading IT companies. The new contract worth approximately $48 million is an extension of a previous contract that was due to expire this year which involved the supply of application development, testing and application support services particularly in the area of SAP which is a growing business for the Danish IT company.
On 30 July 2010, Tech Mahindra announced that the Tech Mahindra and Morpho (Safran Group) led consortium has been selected as one of the key partners to implement and deliver the Aadhaar program by UIDAI (Unique Identification Authority of India). The Tech Mahindra and Morpho team was selected by UIDAI as one of the three key partners for the initial phase of this program.
On 3 August 2010, Mahindra Satyam announced a partnership with Sybase Software (India) Pvt. Ltd., the Indian subsidiary of Sybase,Inc., to provide secured enterprise mobility solutions to customers globally.
On 13 October 2010, Mahindra Satyam announced that it has signed a large contract with the Commonwealth of Kentucky, USA for design and delivery of a document management system for the child support system. The project will be implemented over twenty months.
On 25 October 2010, Tech Mahindra announced that it has been selected as one among a total of three companies selected by Bharti Airtel to outsource customer service functions across 16 African countries. On 2 May 2011, Tech Mahindra announced its plans to set up BPO operations in Philippines. The company signed a multi-million dollar deal, as one of the preferred BPO partners for strategic outsourcing with a leading full-service telecommunications company in the Philippines. The deal is spread over a period of 3 years.
On 26 May 2011, Tech Mahindra announced that it had entered the billion dollar league with consolidated revenue of 1,126.6 million for the year ended 31 March 2011. In rupee terms, the company clocked revenue of Rs 5140.2 crore for the year ended 31 March 2011.
The Board of Directors of Tech Mahindra and Mahindra Satyam in their respective meetings held on 21 March 2012 approved a proposal to merge Mahindra Satyam with Tech Mahindra along with certain wholly owned subsidiaries of Mahindra Satyam and Tech Mahindra. As per the swap ratio for the merger, the shareholders of Mahindra Satyam will be allotted 2 shares of Tech Mahindra for every 17 shares held in the company on record date.
On 23 May 2012, Tech Mahindra announced the launch of its new delivery and development centre in Noida, Uttar Pradesh, India.
On 4 September 2012, Tech Mahindra announced the acquisition of 100% stake in Hutchison Global Services Private Limited for US $ 87.1 million, payable upfront. Hutchison Global Services (HGS) provides customer lifecycle operations to clients in UK, Ireland and Australia and has an associate base of over 11,500 employees. HGS operates out of Mumbai and Pune and is among the largest captives in the telecom domain. On 5 September 2012, Tech Mahindra and Royal KPN N. V. (KPN) announced the start of an international partnership in order to further improve KPN's efficiency and effectiveness in its IT environment and operational processes and to jointly address strategic growth areas. KPN expects to make savings of at least EUR 200 million over a 5-year period with the partnership.
On 17 September 2012, Tech Mahindra announced the acquisition of 51% stake on a fully diluted basis in Comviva Technologies Limited, a Bharti Group company, for a value of Rs 260 crore. Comviva Technologies is a global leader in providing mobile Value Added Services (VAS), Mobile Money and Mobile Payment solutions.
On 22 April 2013, Tech Mahindra announced the launch of the modular Enterprise Managed Network Service (mEMS) platform, a cloud-based framework designed to give network managers the ability to grow and adapt their existing infrastructure without compromising performance.
On 23 April 2013, Tech Mahindra announced the launch of its new Service Virtualization as a Service (SVaaS) offering. This new managed service for Tech Mahindra's mid-market customers bundles CA LISA Service Virtualization software from CA Technologies with Tech Mahindra's professional services, leveraging cloud infrastructure to offer it in a subscription based pay-as-you-go model.
On 24 April 2013, Tech Mahindra announced the acquisition of lab assets and operations of the Type Approval Lab in Lund, Southern Sweden. This acquisition is in continuation with its efforts to provide end-to-end test solutions to device manufacturers and global carriers.
On 27 May 2013, Tech Mahindra signed a Memorandum of Understanding (MoU) with 'Navigation Information Systems' (JSC 'NIS') GLONASS, company that offers dual-system GLONASS/GPS chipset-based navigation equipment to the Indian market. As per the agreement, both the parties will jointly identify and develop potential opportunities, while agreeing to explore the emerging markets with strong focus on solutions such as Fleet Management Solution, Intelligent Transport Solution, Vehicle Security, Geo-fencing, and Precision Positioning Services among others. Tech Mahindra will play the role of System Integrator of NIS solutions, and will also customize the solutions as per Indian requirements, wherever required.
On 28 May 2013, Mahindra Satyam and Dion Global Solutions (Dion) announced the offering of a software solution to assist Financial Institutions (FIs) in Australia and New Zealand (ANZ) meet the US Foreign Account Tax Compliance Act (FATCA) regulations. On 6 June 2013, Mahindra Satyam announced that it has won a new multiyear contract with Bridgestone Europe for its managed services. The company will work on SAP based mission critical applications for Bridgestone Europe.
On 12 July 2013, Tech Mahindra announced that it has completed the process of allocating shares of the company to the shareholders of Mahindra Satyam, erstwhile Satyam Computer Services Ltd. The merger of Mahindra Satyam with Tech Mahindra was consummated on 25 June 2014. The merger created a technology services powerhouse, with revenue of USD 2.7 billion, a team of 84,000 professionals servicing 540 customers across 46 countries. Earlier, the Board of Directors of Tech Mahindra and Mahindra Satyam had separately approved the merger on 21 March 2012. After an approval from Mumbai high court, the Andhra Pradesh High Court gave its nod for the merger on 11 June 2013.
On 23 July 2013, Tech Mahindra announced that it has signed an agreement with UBS Fund Services (Luxembourg) (UBS FSL) as the first client for its new platform, Tech Mahindra Managed Data Services (MDS), designed to support asset managers, wealth managers, investment banks, custodians and administrators. The contract is for an initial five-year term. Under the agreement, Tech Mahindra will provide UBS FSL with a fully managed service across four major areas of data management, namely securities reference data, pricing, corporate actions and tax data.
On 1 August 2013, Tech Mahindra announced that its Brazilian subsidiary, Complex IT has signed two deals to deliver Enterprise Solutions for Oil & Gas and Banking verticals. The first project is with Schahin Petr ' leo to deliver a new enterprise business solution for the operations of the Oil and Gas division of the Schahin Group. The project includes implementation of SAP ERP and addresses business pain points around complex supply chain logistics and strengthening of the integration process. On another instance COMPLEX IT has also signed a transformational contract with a leading bank in Brazil to deliver enterprise business solutions for SAP demands on AMS, Projects and on-going demands. This will help them overcome High Complexity environment and helping internal SLA.
On 5 August 2013, BASE Company and Tech Mahindra announced a five year managed service agreement for the operations and roll out of the BASE network in Belgium. With this agreement BASE Company is broadening its partnership with Tech Mahindra, creating highly efficient network operations, where a managed service partner is responsible for both network and IT. BASE Company is a fully-owned subsidiary of Royal KPN N.V., whose headquarters are located in Brussels. The company is mainly active in the field of mobile telephony via the brands BASE and BASE business.
On 5 September 2013, Tech Mahindra said that the company is witnessing strong demand for IT & Engineering solutions in China, driven by local enterprises upgrading productivity through technology and international retail brands seeking solutions to tap the fast-growing domestic consumer market.
On 12 September 2013, Tech Mahindra announced that the company has been chosen as a Strategic Partner for Application Maintenance and Development by the Volvo Car Corporation (Volvo Cars). This partnership will provide Volvo Cars with a service to maintain and develop a wide range of applications across the business and to develop and implement new applications as part of its drive to increase efficiency and reduce costs. Starting in September 2013, the contract with Tech Mahindra will provide Volvo Cars with Application maintenance and development across multiple domains, including Manufacturing, Product Development, Marketing, Sales and Reporting.
On 17 September 2013, Tech Mahindra announced that it will demonstrate eight connected Oracle solutions cutting across various industries at a 5-day Oracle OpenWorld 2013 beginning 22 September 2013. On 10 October 2013, Tech Mahindra announced the launch of its retail digital enterprise solution ShelfMonitor. This solution empowers retail store personnel with intelligent information on potential shelf gaps and real-time actionable insights, thereby helping retailers improve sales and avoiding lost opportunity.
On 22 October 2013, Tech Mahindra and Bosch Software Innovations, the software and systems house of the Bosch Group, announced a global strategic business partnership, which will primarily focus on the global manufacturing and transportation industry. The partnership aims to develop and deliver scalable digital enterprise solutions in the Internet of Things and Services' space. Tech Mahindra and Bosch will jointly develop solutions for industrial equipment management, connected services, and intermodal transportation.
On 8 November 2013, Tech Mahindra announced that it has partnered with Perpetual to provide registry services. Tech Mahindra will assume responsibility for Perpetual's existing registry capability supporting its Wholesale, WealthFocus and Select investment, superannuation and pension products. The agreement covers both administration and technology services.
The Board of Directors of Tech Mahindra and Mahindra Engineering Services (MES) at their separate meetings held on 29 November 2013 approved a proposal to merge MES with Tech Mahindra. MES is a global engineering consultant and service provider catering to automotive, aerospace, defense & manufacturing industries. MES clocked revenue of Rs 250.59 crore in FY 2013. The swap ratio for the merger was set at 5 shares of Tech Mahindra for every 12 shares held in Mahindra Engineering Services.
On 10 December 2013, Tech Mahindra announced the launch of its Global Center of Excellence (CoE) with Hewlett Packard (HP) in Bangalore. The CoE will focus on IT Application and IT Infrastructure Performance Management solutions that transform customers' IT operations landscape through automation and unification of key services.
On 29 January 2014, Tech Mahindra announced that it is supporting the implementation of SAP business systems at international publisher Cambridge University Press.
On 11 February 2014, Tech Mahindra announced that it is partnering with AIMS Software Pte. Ltd, a subsidiary of Quest Computing Ltd, one-of-the world's leading providers of Grant Management Systems. The partnership aims at evangelizing the AIMS proposition via their proven marketing and lead generation approach with an extensive use of Enterprise Ireland (EI) advice and support.
On 24 February 2014, Tech Mahindra announced the launch of its Near Field Communication (NFC) test lab in Bangalore, India. The NFC Testing and consulting capabilities in the lab will cater to the fast-growing needs of chipset manufacturers, OEMs, Service Providers, Acquires and Issuers from the banking industry.
On 25 February 2014, Tech Mahindra and Sierra Wireless announced that they have signed a formal teaming agreement to work collaboratively to develop and deploy end-to-end M2M solutions for customers worldwide. The collaboration leverages Sierra Wireless device-to-cloud offerings and Tech Mahindra's system integration and application development expertise to offer cost-effective, turnkey solutions tailored for prospective M2M customers in markets such as energy, transportation, industrial, and healthcare.
On 27 February 2014, Tech Mahindra's wholly owned German subsidiary Tech Mahindra GmbH, D sseldorf, announced that it has signed an agreement with BASF Business Services Holding GmbH to acquire its business with third party customers. This includes the 100%-owned subsidiary BASF Business Services Consult GmbH, based in Hamburg. BASF Business Services Holding GmbH will in future focus on providing information services, supply chain operations and business process management for BASF Group. BASF Business Services Holding GmbH (earlier called as BASF IT Services Holding GmbH) is an indirect wholly owned Group Company of BASF SE.
On 7 March 2014, Tech Mahindra and Microsoft announced their partnership to help develop the spring customer care update of Microsoft Dynamics CRM. Tech Mahindra's expert engineers helped Microsoft to develop key features which include - Mobile device support, cross browser support and enhanced user experience. Tech Mahindra is a Global SI and Consulting organization with strategic partnership with Microsoft.
On 12 March 2014, Tech Mahindra announced the launch of its Global Development Center with Alstom Transport, a world leading manufacturer of Rail Technology, on the occasion of signing a 3 year partnership agreement with Alstom. The development center will cover primarily engineering activities focused on concept to prototype build.
On 18 March 2014, Tech Mahindra announced that Volvo Car Group has selected the company to provide end-to-end IT infrastructure support and services in key countries globally including Sweden, China and Belgium. The scope of the partnership which was signed in February 2014 covers 2,800 servers across Volvo Cars' regional offices, global factories, global datacenter, R&D and manufacturing IT. The service also covers 4,000 factory devices in Sweden, Belgium, China and 30,000 end users and their work devices, including parts of the Volvo Cars dealer network. On 20 March 2014, Tech Mahindra announced the inauguration of its 3rd near shore delivery center in D sseldorf, Germany.
On 24 March 2014, Tech Mahindra announced a global alliance with Box, Inc. as a premier member of the 'Box Services Partner Program'. This alliance enables enterprise customers to leverage Box's cloud based content collaboration solution as part of Tech Mahindra's Digital Enterprise Platform (DEP) for handling document centric processes.
On 25 March 2014, Tech Mahindra announced the launch of Managed Data Service (MDS), a fully managed end-to-end reference data management Business Process as a Service (BPaaS) solution for the financial services industry in North America. The Managed Data Service (MDS) solution is designed around a utility model and comprises 3 integrated components - technology infrastructure, operational outsourcing and specialized software IP.
On 8 April 2014, Tech Mahindra announced the opening of a new Belgian delivery center in Antwerp. The Antwerp delivery center will further accelerate a hub and spoke delivery model for the Benelux region.
On 22 April 2014, Tech Mahindra announced that it has been chosen by New Hampshire's Division of Motor Vehicles (DMV) to implement its Motor Vehicle Enterprise System (MOVES), a configurable Microsoft Dynamics CRM-based solution. The solution will replace and modernize New Hampshire DMV's existing legacy system. Tech Mahindra worked closely with Microsoft in developing the Dynamics CRM-based MOVES solution.
On 8 May 2014, Tech Mahindra announced its foray into Mexico as part of its expansion strategy in the Americas region. Tech Mahindra in Mexico will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in various industries such as Telecom, Banking, Energy, Manufacturing, Retail distribution, Insurance and many others.
On 27 May 2014, Tech Mahindra announced that Premium Credit Limited, the No.1 Insurance Premium Finance Company in the UK and Ireland, has selected it to deliver front and back office application services. Tech Mahindra will provide operational support and maintenance services, as well as development and implementation.
On 5 June 2014, Tech Mahindra and Informatica Corporation, the world's number one independent provider of data integration software, announced an expansion of their decade-long strategic association.
On 11 June 2014, HPS, the market-leading provider of mission-critical solutions to the cards and payments industry, announced that it has entered into a global services alliance agreement with Tech Mahindra. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform.
On 2 July 2014, Tech Mahindra announced that it has signed a Joint Venture (JV) agreement with Midad Holding, which is a subsidiary of Al Fozan, a preeminent group with diversified business interests in Saudi Arabia. The JV will be called Tech Mahindra Arabia. Tech Mahindra will have 51% ownership while Midad will own 49% stake. Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals.
On 22 July 2014, Tech Mahindra announced plans to significantly expand in Korea. The company said in a statement that it will offer an array of innovative solutions and consulting services focused on meeting the needs of customers in Korea in various industries such as Manufacturing, Auto, Aerospace & Defense, Telecom, Oil & Gas, BFSI, Healthcare, Engineering Services, Device Engineering, Telecom and EBS.
On 4 September 2014, Tech Mahindra announced that it has signed an agreement with Bombardier Aerospace. As part of this engagement, Tech Mahindra will provide engineering solutions to Bombardier.
On 18 September 2014, Tech Mahindra announced that it will work together with Bosch Software Innovations, the software and systems house of the Bosch group to develop an ecosystem to enable innovative solutions for the connected world and connected enterprises. Tech Mahindra's Digital Enterprise Solutions group will work with Bosch Software Innovations to develop proof of concepts and solutions that will focus on developing connected solutions for smart cities, enterprises and smart homes.
On 23 September 2014, Tech Mahindra announced that it has been selected by Ahlstrom to manage its information technology operations. With the multi-year, multi-million euro agreement, Ahlstrom aims to increase efficiency, harmonize service levels and lower IT costs.
On 6 October 2014, Tech Mahindra announced that it has successfully launched and operationalized 'The HUB for Airbus Group'. The HUB is a long-term transition from execution models to a platform-based approach in Product Development and Engineering services. The Airbus HUB will deliver multi-domain services and solutions, ranging from product development to after-market services to the Airbus Group.
On 12 November 2014, Tech Mahindra announced the evolution of its next-generation managed services offering, Tech Mahindra MSO based on its modular Enterprise Managed Network Service (mEMS2.0) platform. This cloud-based framework is designed to help enterprises pave the way for a modular, flexible and scalable approach for building NexGen MSO services that can meet enterprise customers' critical demand - optimized service with exponential value at a very efficient cost.
On 20 November 2014, Tech Mahindra announced that it has signed a definitive agreement to acquire global network services leader Lightbridge Communications Corporation (LCC) for an enterprise value of approximately $240 million, subject to regulatory approvals. Headquartered in McLean, Virginia, LCC, with annual revenue of more than $400 million, is one of the world's largest independent global providers of Network Engineering services to the telecommunications industry. The acquisition positions Tech Mahindra as the pre-eminent partner for network services globally.
On 25 November 2014, Tech Mahindra announced the launch of Usage Based Insurance (UBI), a big data and predictive analysis driven platform for auto insurers. It allows them to adjust premiums according to actual usage patterns of individual drivers instead of industry averages.
On 11 December 2014, Tech Mahindra announced the inauguration of the new IT block in Bhubaneswar, Odisha adding to the existing block that houses 500 associates. The total capacity of the Bhubaneswar facility with the addition of new building will be 1,111 seats.
On 17 December 2014, Tech Mahindra announced the launch of Automotive Aftermarket Suite. It enables Tech Mahindra to offer innovative solutions in the space of Telematics, sensor-based predictive maintenance, for thousands of cars on the road worldwide. The Automotive Aftermarket Suite is one-of-the first platform solutions in the Aftermarket space. Tech Mahindra plans to provide this solution as a managed service to OEM's, importers, and dealer networks.
On 6 January 2015, Tech Mahindra announced that it has teamed-up with global telecom technology firm Avion Systems to provide Network Design and Engineering Services to major communications service providers. Tech Mahindra has been chosen as a minority investor at Avion Systems and the new joint venture will be called Avion Networks Inc. The joint venture aims to play a significant role as a strategic supplier of choice to the carriers in the final deployment and management of current mobile networks and their planned transformation into the next-generation cloud enabled, virtual and software driven networks.
On 9 January 2015, Tech Mahindra announced that it has signed a definitive agreement to acquire SOFGEN Holdings Limited (SOFGEN), a niche consulting and services company with worldwide presence specializing in Private/Wealth, Commercial and Retail Banking solutions. With this acquisition, Tech Mahindra will have the capability to offer a unique combination of 'Change the Bank and Run the Bank' services to Retail banking, Private Banking and Wealth Management customers globally.
On 11 February 2015, Tech Mahindra's subsidiary Mahindra Comviva announced a target growth of 300% by 2018 in the Americas region. Mahindra Comviva said at that time that it would focus on expanding its footprint in the Americas through advanced mobile wallet and payments solutions.
On 24 February 2015, IBM announced that it has signed a strategic teaming agreement with Tech Mahindra to accelerate global hybrid Cloud adoption. Through this alliance, IBM will provide an open, flexible cloud environment to enable Tech Mahindra's developers to build cloud-native and cloud enabled applications with a scalable model.
On 4 March 2015, Tech Mahindra announced, the launch of best in class SDN and NFV based solutions suite to address the ever changing network scenarios and demands in building the smart cities. Tech Mahindra has established itself as a key player in the SDN-NFV space and offers vendor neutral System Integration capabilities and highly scalable Managed Services to its customers.
On 5 March 2015, CA Technologies and Tech Mahindra announced that they have entered an agreement to develop and deploy end-to-end secured Internet of Things (IoT) solutions for enterprise customers worldwide. The agreement will leverage solutions from the CA DevOps portfolio including CA Release Automation, CA Service Virtualization, CA Mobile App Analytics and CA Unified Infrastructure Management (CA UIM) with Tech Mahindra's expertise to build and deliver mobile applications. This effort will offer enterprise customers advanced management capabilities resulting in improved operational efficiency and customer loyalty.
On 10 March 2015, Tech Mahindra announced the opening of the first Center of Excellence (CoE) for Google tools at Tech Mahindra's Global Solution Center in Cyberjaya, bringing transformational solutions to enterprises across Malaysia and the Asia Pacific region. The CoE aims to be the hub for innovation within the region and to focus on nurturing and building solutions with the best combination of products and technologies.
On 20 March 2015, Tech Mahindra announced that it has signed a strategic agreement with Gao Feng Advisory Company (Gao Feng), a global management consultancy with roots in China. Both firms will seek to join forces to deliver a unique and comprehensive set of services to their clients in China and worldwide.
On 15 April 2015, Tech Mahindra and Nasdaq listed Comverse announced that they have reached an agreement in principle on a strategic relationship, whereby Comverse will accelerate its transformation as a global innovator in digital services by leveraging Tech Mahindra's expertise and scale in development and delivery of digital offerings. As part of this initiative, employees from certain functions within Comverse's Digital Services business unit are anticipated to join Tech Mahindra.
On 22 April 2015, Tech Mahindra announced the launch of its fourth center in Philippines. The company will service global enterprise & telecommunication clients from the new facility.
On 30 April 2015, Tech Mahindra announced that the company was selected by Clark County Water Reclamation District (CCWRD) to implement Oracle Utilities Customer Care and Billing. Clark County Water Reclamation District is a water reclamation utility with offices in Clark County, Las Vegas, Nevada. Tech Mahindra is a Platinum level member of Oracle PartnerNetwork (OPN).
On 6 May 2015, Tech Mahindra announced the inaugurating a new office space in G g, Sweden.
On 13 May 2015, Tech Mahindra and MDS, a leading provider of real-time charging, billing and customer management solutions, announced a strategic global alliance with the first client win at Dixons Carphone. Tech Mahindra has implemented the leading billing and customer management solution of MDS and will manage the entire services infrastructure for Dixons Carphone iD, which will operate on three networks.
On 19 May 2015, Tech Mahindra announced that it will build an Intelligent Electric Vehicle Charging System (IEVCS) designed to help build Ontario's clean energy future. The project, sponsored by Ontario's Ministry of Energy and funded in part through the Ontario Smart Grid Fund initiative, will analyze the effects of electric vehicle charging on transformers by creating a real time transformer monitoring and analytics solution. The key benefit of the solution is the real time monitoring of the transformers and the ability to automatically manage the charging between vehicles to ensure the transformers do not overload as a result of EV charging.
On 11 June 2015, Tech Mahindra announced the launch of its next generation Cloud Management Platform mPAC (managed Platform for Adaptive Computing) for Hybrid IT Management. It leverages technologies from HP and VMTurbo suite of products.
On 24 June 2015, Tech Mahindra announced that it has been selected by Circle Health after a competitive procurement process to become their chosen technology partner for the next 10 years. The project will be delivered by nth Dimension, a newly formed wholly owned subsidiary of Tech Mahindra in the United Kingdom. The value of the contract is 50 million over 10 years.
On 29 June 2015, Tech Mahindra said in an investor update ahead of the announcement of its Q1 June 2015 results that there have been some headwinds and tailwinds which could see a risk of marginal decline in the company's revenue and EBITDA margin on a sequential basis in Q1 June 2015. The company also warned at that time that FY 2016 organic communications business growth could remain subdued due to delayed decision making by clients.
On 8 July 2015, Tech Mahindra and PNMsoft, a global provider of Intelligent BPM Software (iBPMS) solutions, announced a collaboration to offer superior customer experiences.
On 20 August 2015, Tech Mahindra announced that the Reserve Bank of India has granted an in-principle approval to the company to set up a Payments Bank. The bank will be an independent unit under the Mahindra Group led by Tech Mahindra and Mahindra Finance, a leading rural NBFC, as equal contributors to the new entity.
On 14 September 2015, Tech Mahindra announced that it has joined Real-Time Innovations' (RTI) rapidly expanding Services Delivery Partner (SDP) program, designed to help companies capitalize on the growing Industrial Internet of Things (IIoT) market. RTI SDPs offer outsourced product development, system integration and domain-specific consulting across multiple industries.
On 5 October 2015, Tech Mahindra and Bombardier Commercial Aircraft announced that they have signed an agreement under which Tech Mahindra will develop the Aircraft Ground Support System (AGSS) for Bombardier's Aircraft Health Management System (AHMS) for the C Series family of aircraft. The AGSS will facilitate real-time and post-flight recorded data management, fault notification and diagnostic reporting. By leveraging the large amount of data recorded and transmitted from C Series aircraft, the AHMS will allow operators to make sound decisions on aircraft performance and maintenance.
On 14 December 2015, Tech Mahindra and its parent company Mahindra & Mahindra (M&M) jointly entered into an agreement with Pincar S.r.l., to purchase a controlling stake in Pininfarina S.p.A., an iconic Italian brand in automotive and industrial design. The investment by Tech Mahindra and M&M will be done via a joint venture company held 60% by Tech Mahindra and 40% by M&M. Pininfarina's legendary brand status will allow Tech Mahindra powerful access to relationships the iconic designer has nurtured with the best in the world over its 85-year history, including with Ferrari, Alfa Romeo, Maserati and Peugeot.
On 23 December 2015, Tech Mahindra announced the launch of India's first contactless digital payment ecosystem branded MoboMoney.
On 7 January 2016, Tech Mahindra announced that it has entered into a strategic alliance with MetricStream, Inc, the global market leader in Governance, Risk and Compliance (GRC) Management Apps, to deliver GRC Solutions across the globe. Tech Mahindra has established a dedicated MetricStream Center of Excellence (CoE) in Bangalore, India, which will be supported by expert consulting services worldwide in various geographical markets. The GRC offering will target verticals such as BFSI, Retail, Manufacturing, Healthcare, Telecom and Infrastructure.
On 17 February 2016, Tech Mahindra and Qlik, a leader in visual analytics, announced that the companies have expanded their global alliance. Qlik and Tech Mahindra will work together to bring further value to joint customers through Tech Mahindra's platform offerings and Qlik's unique platform approach to visual analytics.
On 23 February 2016, Tech Mahindra announced that it has been selected by Nationwide Building Society to provide Network and Infrastructure Transformation services in a five year, partnership agreement. Tech Mahindra will provide specialist resources to support Nationwide's network upgrade and digital banking strategy, enabling the Building Society to improve efficiencies across its branches and offices and to expand its customer-facing digital services.
On 23 February 2016, Tech Mahindra announced plans to build Internet of Things (IoT) solutions by utilizing the Microsoft Azure IoT Suite. On 25 February 2016, Tech Mahindra and Comptel Corporation announced their collaboration to re-write telecommunications operators' billing playbooks. On 23 March 2016, Tech Mahindra announced that it has expanded its footprint in France with the launch of a new Development Centre facility in Toulouse, dedicated to projects for its existing partner and customers in the aerospace industry.
On 28 March 2016, Tech Mahindra announced its participation as a member of the new GE Digital Alliance Program that is dedicated to growing the digital industrial ecosystem. Tech Mahindra and GE Digital will work together to create innovative solutions that will address the need of the Power, Oil and Gas, and Transportation industries. Tech Mahindra has been an early adopter of the Predix platform, GE's cloud platform-as-a-service for the Industrial Internet.
On 25 April 2016, Tech Mahindra and Newtec, a specialist in designing, developing and manufacturing equipment and technologies for satellite communications, signed an agreement which will see the two companies cooperate on future projects. Newtec and Tech Mahindra will initially work together on a contract awarded by satellite operator Yahsat.
On 18 May 2016, Tech Mahindra announced the launch of Fresh Produce End to End Digital Supply Chain (FEEDS) solution. This revolutionary initiative manages the food supply chain, which enables companies to transport farm grown produce and deliver it as fresh as if it were grown locally. FEEDS enables business collaboration, maintains product quality and freshness while providing a 15-20% reduction in losses and wastes.
On 27 May 2016, Tech Mahindra announced that it has entered into an agreement to acquire Target Group, one of the leading processing platform companies in the UK. The acquisition strengthens Tech Mahindra's BFSI practice by access to IP and platform which helps automate end-to-end processes in the lending, investments and insurance market. As part of the agreement, Tech Mahindra has agreed to purchase 100% of the shares of Target Group for an Enterprise Value of GBP 112 million. Target Group had revenues of GBP 51 Million in 2015.
On 1 June 2016, Tech Mahindra announced that it has been selected by Department of Motor Vehicles (DMV) of Nevada, US to be the prime systems integrator for the System Modernization or 'SysMod' project - a transformational initiative to modernize the DMV operations.
On 13 June 2016, Tech Mahindra announced collaboration with ArisGlobal, a leading provider of cloud-based software solutions for life sciences, to provide the life sciences industry with a complete end-to-end solution for identification of medicinal products compliance.
On 22 June 2016, Tech Mahindra announced the acquisition of The BIO Agency (BIO), headquartered in the UK. The BIO Agency specialises in digital transformation and innovation, helping organisations change the way they engage with their customers.
On 26 July 2016, Tech Mahindra announced that it has launched its 17th Delivery Center in Cincinnati Blue Ash Area, US to primarily serve its customers with export control services within the Aerospace & Defense sector. The center will primarily be leveraged to provide Engineering, Big Data and Analytics services to a large conglomerate in the region and also other customers in the US.
On 26 September 2016, Tech Mahindra announced collaboration with DxContinuum, Inc., a leader in the field of predictive analytics for sales and marketing teams, to provide a highly intuitive and usable solution for business-to-business (B2B) sales organizations. The joint offering delivers highly accurate forecasts, dramatically boosts productivity and enables sales teams to get a jump on cross-sell/upsell opportunities on a subscription base.
On 27 September 2016, Tech Mahindra unveiled new strategy for network services business, which will enable communication service providers to transform and modernize their networks faster. Network services are a key part of Tech Mahindra's communication business, which accounts for nearly half the company's overall business.
On 28 September 2016, Tech Mahindra announced that it has successfully completed the first phase of transformation at Oklahoma Gas and Electric (OG&E), a regulated electric utility serving over 819,000 customers in Oklahoma and western Arkansas. Tech Mahindra has signed a multiyear, multimillion-dollar contract with OG&E.
On 30 September 2016, Tech Mahindra announced that it has been selected by the state government of Jharkhand as a strategic partner to help the state government in its digital journey and employment generation through skill development. As a strategic IT partner, Tech Mahindra will work towards promoting technology adoption by the citizens in the state apart from helping build an ecosystem with greater participation of industry players. The partnership also requires Tech Mahindra to work with the state government to promote digital literacy and skill development working with various industry organizations including Nasscom Foundation.
On 2 November 2016, Tech Mahindra announced that it has been chosen as the strategic ICT (Information and Communications Technology) supplier by Stockmann, a Finnish company engaged in retail operations.
On 2 November 2016, Tech Mahindra announced the launch of its Virtual Network Function (VNF) Exchange, along with a number of leading new age providers of Software Defined Networks (SDN) and Network Functions Virtualization (NFV) products. As the first product independent global industry platform, Tech Mahindra's VNF Exchange is aimed at pre-certifying VNF design, VNF stack and VNF performance.
On 23 November 2016, Tech Mahindra announced the launch of the Connected Service Experience Solution, which will enable the manufacturing industry to integrate connected devices with end-to-end business processes. Built on Pegasystems' industry-leading Pega 7 Platform, this solution allows organizations to harness the power of the Industrial Internet of Things (IIoT) for increased efficiency and better customer experiences.
On 4 January 2017, Tech Mahindra and Midad Holdings, a part of diversified business conglomerate Al Fozan Group announced the launch of a Joint Venture, Tech Mahindra Arabia Ltd. The JV Company in which Tech Mahindra holds majority stake would cater to the market in the Kingdom of Saudi Arabia (KSA). Al Fozan Group is a leading conglomerate with operations throughout the Middle East.
On 16 January 2017, Tech Mahindra announced the opening of a Centre of Excellence (CoE) in Dublin, Ireland. The Dublin CoE will be central to Tech Mahindra's operations in Ireland and would focus on emerging technologies such as Robotics and Automation, Business Analytics, Cloud Infrastructure and Digital Services. As a part of a new investment in Ireland, the Dublin CoE will bolster Tech Mahindra's regional footprint in the country and help the company deliver technology services to clients in Ireland as well as Europe.
On 6 March 2017, Tech Mahindra announced that it has signed a definitive agreement to acquire CJS Solutions Group LLC, a US-based healthcare Information Technology consulting company that does business as (DBA) 'The HCI Group.' Tech Mahindra will make an upfront payment of US$ 89.5 million for purchase of 84.7% stake in the company. The balance stake of 15.3% will be acquired over a period of three years.
On 10 March 2017, Tech Mahindra announced that the company has selected Jacada Inc. a leading international provider of digital customer experience technology, to accelerate the digital transformation of customer operations for clients across industries. Jacada's digital customer experience technology helps in simplifying interactions between businesses and their customers.
On 17 March 2017, Tech Mahindra and Huawei Enterprise Business Group (EBG) signed a global partnership agreement. As per the agreement, Tech Mahindra will market Huawei's enterprise products and services across 44 countries including India. The alliance would also involve launching a joint go-to-market (GTM) strategy, thus giving a boost to the competitiveness of both companies in the global marketplace, by leveraging each other's core strengths. Huawei is a leading global ICT solutions provider.
On 3 October 2017, Tech Mahindra announced that it has won a multi-year, multi-million euro deal from Ahlstrom-Munksj to manage the company's end-to-end IT operations. Tech Mahindra will assist Ahlstrom-Munksj in its digital transformation journey, with end-to-end IT services and solutions including IT user support, infrastructure management and application support using next generation digital and automation tools and technologies. Besides, approximately 25 employees of Ahlstrom-Munksj are expected to be transferred to Tech Mahindra as per the agreement.
On 11 October 2017, Tech Mahindra and the Saudi Telecom Company (STC), represented by its enterprise focused business unit, STC Business, announced a strategic alliance aimed at enabling the Kingdom of Saudi Arabia (KSA) in its Vision 2030 through innovations in digitalization targeting a broad spectrum of sectors. As a part of the Vision 2030, the KSA is looking at making the kingdom a global model of excellence on all fronts by diversifying its economy and developing public sectors such as health, education, infrastructure, recreation, and tourism.
On 13 November 2017, Tech Mahindra and Toshiba Digital Solutions announced their strategic partnership to work in the area of smart factory. As strategic partners, the two companies will synergize their group manufacturing heritage, domain expertise and existing customer base to expand business in the smart factory market together. This partnership aims to leverage strengths of both the companies and offer a one stop solution for manufacturer customers with the latest IoT technologies and system integration capabilities from both sides.
On 21 December 2017, Tech Mahindra announced that it is partnering with Gao Feng Advisory Company to set up a Joint Artificial Intelligence (AI) Lab in Shanghai. The AI lab will work in the areas of futuristic digital technologies including AI Chatbot Services, Smart Process Automation, NLP (Text Analytics), Image Recognition & Processing, Machine Learning and Predictive Analytics. With this, both the firms aim to deliver unique and comprehensive set of services to their clients in the Greater China region starting from strategy to implementation and enabling clients in their Digital Transformation journey. Gao Feng Advisory Company is a global strategy and management consulting firms with strong roots in China.
On 15 January 2018, Tech Mahindra announced that the company is working with IBM to help Tech Mahindra's clients migrate their most demanding workloads to IBM POWER9. This multi-year relationship is designed to accelerate Power Systems adoption for IBM and strengthen Tech Mahindra's offerings around virtualization, data center transformation and high-performance computing. Tech Mahindra is an IBM Business Partner and assists clients with migrations to Power-based solutions.
On 15 January 2018, Tech Mahindra announced that it has partnered with ContextSpace Solutions Ltd, a privacy research and development firm based in Israel, to develop the world's first global software privacy ecosystem, MyData Shield. Tech Mahindra has developed MyData Shield, a cloud-based Privacy Protection as a service that will enable software developers to easily address security and personal data protection concerns.
On 23 January 2018, Tech Mahindra announced that it will now make available AT&T FlexWare, a transformative, global network infrastructure solution from AT&T Inc., to its global clients as well as use it internally. Tech Mahindra intends to combine AT&T FlexWare with its System Integration and Services Portfolio, and offer the solutions to its global clientele who are undergoing digital transformation.
Mahindra Racing, the only Indian team to compete in the ABB FIA Formula E Championship, announced the formation of a strategic partnership with Pininfarina and Tech Mahindra on 24 January 2018. This agreement gives Mahindra Racing access to Pininfarina's globally renowned design expertise and Tech Mahindra's digital technology prowess.
On 22 February 2018, Tech Mahindra announced a strategic investment of CAD 100 million over 5 years to establish a new Center of Excellence' (COE) in Canada. This strategic initiative will focus on major technologies such as Artificial Intelligence (AI) and Blockchain, which are driving innovation across industries and will cater to the exponentially growing need for AI and Blockchain application especially in the Fintech' and Smart Cities' spaces.
Tech Mahindra Ltd
Directors Reports
Your Directors present their Thirty Second Annual Report together with the audited
accounts of your Company for the year ended March 31, 2019.
FINANCIAL RESULTS (STANDALONE)
(` in Million)
| For the year ended March 31 |
2019 |
2018 |
| Income |
281,797 |
254,202 |
| Profit before Interest, Depreciation and tax |
61,291 |
56,273 |
| Interest |
(431) |
(708) |
| Depreciation |
(6,587) |
(6,563) |
| Profit Before Tax |
54,273 |
49,002 |
| Provision for taxation |
(10,469) |
(9,063) |
| Profit after tax |
43,804 |
39,939 |
| Other Comprehensive Income |
1,670 |
(4,196) |
| Balance brought forward from previous year |
150,495 |
120,813 |
| Profit available for appropriation |
194,307 |
160,880 |
| Final Dividend Including tax |
(16,411)1 |
(10,361)2 |
| Transfer from Share Option Outstanding Account |
62 |
51 |
| Others* |
23 |
(33) |
| Transferred to Special Economic Zone re-investment reserve (net of utilisation) |
(5,928) |
(42) |
| Contractual Obligation for Buy back |
(103) |
- |
| Balance carried forward |
171,950 |
150,495 |
1 Dividend for the financial year ended March 31, 2018
2 Dividend for the financial year ended March 31, 2017
* The business of the Sofgen UK was transferred to Tech Mahindra UK branch based on
Business Transfer Agreement and Sofgen India Private Limited has been merged with Tech
Mahindra Limited (refer note 33 to the financial statements).
DIVIDEND
Your Directors are pleased to recommend a dividend of ` 14/- per Equity Share (280%),
payable to those Shareholders whose names appear in the Register of Members as on the Book
Closure Date.
Your Company has formulated a Dividend Policy as provided at "Annexure I" to
this Report and the same is disclosed on the website of the Company at https://www.techmahindra.com/sites/ResourceCenter/
brochures/investors/corporategovernence/Dividend-Policy.pdf.
SHARE CAPITAL
During the year under review, your Company allotted 3,628,662 equity shares on the
exercise of stock options under various Employee Stock Option Plans. Consequently the
issued, subscribed and paid-up equity share capital has increased from ` 4,898.67 Million
divided into 979,733,808 equity shares of
` 5/- each to` 4,916.81 Million divided into 983,362,470 equity shares of ` 5/- each.
BUSINESS PERFORMANCE / FINANCIAL OVERVIEW
Your Company's goal is to enable connected experience in the connected world, by
offering innovative and customer-centric information technology experiences, enabling
Enterprises, Associates and the Society to Rise. The Company has presence across 90
countries and helps over 900 global customers including Fortune 500 Companies. The
Company's convergent, digital, design experiences, innovation platforms and reusable
assets connect across a number of technologies to deliver tangible business value and
experiences to the stakeholders.
During the Financial Year 2018-19, the Company's consolidated revenues increased to `
347,421 Million from ` 307,729 Million in the previous year, a growth of 12.9%. The
geographic split of revenue is well balanced across regions, with 47.3% share from the
Americas, 29.3% share from Europe and 23.4% from the Rest of the World.
The consolidated Profit including other income before Interest, Depreciation and Tax
was at
` 68,056 Million, against ` 61,262 Million in the previous year.
The consolidated Profit after Tax, amounted to
` 42,888 Million as against ` 37,862 Million in the previous year.
In the demanding, new digitally connected world, Tech Mahindra is helping its clients
navigate their transformational journey with its wide range of offerings in Blockchain,
Machine Learning, Artificial Intelligence, Cloud, Cyber Security, Quantum computing and
IoT. The Company has also progressed in building intellectual property through various
Products & Services and Platforms. The Company is committed towards building a
synergistic relationship with its partners to enable deliver complete and customized
solutions to its customers.
There are no material changes or commitments affecting the financial position of the
Company between the end of the financial year and the date of the report.
ACQUISITIONS
Inter Informatics Group (IIG)
The Company, on August 22, 2018, through its wholly owned subsidiary Mahindra
Engineering Services (Europe) Limited, acquired 100% of the share capital of
Inter-Informatics spol. s.r.o, a Czech entity providing design and engineering services to
clients in the Aerospace, Rail and Machinery industries. IIG has offices in the Czech
Republic and Romania and is expected to bolster Tech Mahindra's capabilities and presence
in Europe.
Dynacommerce
The Company, on February 01, 2019, entered into an agreement to acquire 100% of the
share capital of Dynacommerce Holding B.V, a Dutch entity engaged in providing platforms
and services to telecom end clients. The turnover of Dynacommerce for its fiscal year
ended December 31, 2018 was ~EUR 9.15 Million. Dynacommerce has offices in The
Netherlands, Germany and India. The transaction was concluded on May 9, 2019.
K- Vision
The Company, on March 14, 2019, through its wholly owned subsidiary Mahindra
Engineering Services (Europe) Limited entered into an agreement to acquire 100% of the
share capital of K-Vision Co., Ltd, a Japanese corporation engaged in providing network
services to telecom clients in Japan. For the 12-month period ending January 31, 2019, K-
Vision earned revenue of USD 4.8 Million. Tech Mahindra expects to leverage the local
presence and expertise of K-Vision to build its network services business in Japan. In the
near term, it will help the Company in supporting the 4G and 5G network build and roll-out
in Japan for large telecom players.
DETAILS OF SUBSIDIARIES/JOINT VENTURES/ ASSOCIATE COMPANIES
The performance and financial position of the subsidiaries, associate Companies and
joint venture companies included in the consolidated financial statement is provided in
accordance with the provisions of Section 129 read with Rule 5 of the Companies (Accounts)
Rules, 2014 containing the salient features of the financial statement of Company's
subsidiaries/joint ventures or associate companies in Form AOC – 1 in "Annexure
II" to this report.
Pursuant to Rule 8(5)(iv) of the Companies (Accounts) Rules, 2014, the names of the
Companies which have become or ceased to be the subsidiaries, joint ventures or associate
Companies during the year are provided in "Annexure III" to this report.
The Company is actively pursuing the initiative on consolidation of its
subsidiaries/branches to optimise the operational costs and reduce the compliance risks.
During the year under review, your Company has closed/merged /filed for strike
off/liquidation of 29 subsidiaries. Tech Mahindra (Americas) Inc. has been identified as
material subsidiary of the Company. The policy for determining Material Subsidiaries
formulated by the Board of Directors is hosted on the Company's website and is accessible
on https://www.techmahindra. com/sites/ResourceCenter/brochures/investors/
corporategovernence/Policy-For-Determining-Material-Subsidiaries.pdf.
BUY BACK OF EQUITY SHARES
Pursuant to the approval of the Board of Directors on February 21, 2019, your Company
announced the maiden share buyback of 20,585,000 equity shares of the Company representing
approximately 2.09% of the total number of equity shares in the paid up capital of the
Company, for an aggregate amount of
` 19,555,750,000/-, being 9.551% of the total paid up equity share capital and free
reserves of the Company, at a price of ` 950 per equity share from the existing
shareholders of the Company on a proportionate basis under the Tender Offer method in
accordance with the provisions of Securities and Exchange Board of India (Buyback of
Securities) Regulations, 1998, the Companies Act, 2013 and rules made thereunder. The
process was completed on April 15, 2019 and in compliance with Securities and Exchange
Board of India (Buy Back of Securities) Regulations, 2018 and Securities and Exchange
Board of India (Depositories
& Participants) Regulations, 2018 and the bye-laws framed thereunder the shares
bought back were extinguished on April 17, 2019 by reducing the issued and paid up capital
of the Company.
HUMAN RESOURCES
In the year 2018-19, the Company focused on building TechMNxt, the future ready Tech
Mahindra. This envisaged being disruptive, challenging all conventions and building a
culture of innovation and empowerment for all our associates. Various initiatives
undertaken have touched all facets of our associate's journey from launching the world's
first Artificial Intelligence (AI) based Talent Exchange Marketplace for better job
opportunities and to making better systems for our employees for open conversations at
C.A.R.E. Your Company has driven positive changes on learning, re-skilling and upskilling
on top priority with focus on cutting-edge digital and niche skills.
CULTURE
Your Company has consulted stakeholders far and wide and articulated/proliferated its
culture as "We drive positive change, celebrate each moment and empower all to
RISE." in alignment with the Mahindra core values. A culture of innovation,
disruption, alternative thinking, mindfulness and most importantly empathy is in our
culture code.
GREAT PLACE TO WORK
Great Place to Work Institute conducts research on workplace culture and recognizes
leading workplaces in close to 60 countries.
Great Place to Work Certification is a gold standard that organizations aspire to
achieve. Business leaders and researchers rely on Great Place to Work metrics - the
Trust Index and Culture Audit to establish the standard that defines a great workplace.
Your Company has been certified as a Great Place to Work.
DIGITAL EXPERIENCE
Your Company is changing the way things work and has moved one step ahead of the edge.
Your Company has built the world's first AI based Talent Exchange marketplace to enable
better fitment of employee skills with opportunities in the Company.
Your Company has taken another big step towards the future by rolling out Facial
Recognition based attendance system across locations in India. Your face is now your
digital identity. The recognition does not end there and goes on to capture moods of the
employees through mood-o-meter, allowing the Company to assess the happiness at each
location and fine tune right interventions as needed.
In line with the digitization focus, the entire Reward and Recognition process is
digital and associates can share their rewards and pride on their respective social
networks.
CHANGING THE WAY WE LEARN
Learning is imbibed in the culture and DNA of your company. In addition to our
traditional mechanisms, we have learnt new ways of learning. We learn from the young, we
learn from the best in the world, we learn device-agnostically, we learn at our own pace,
we enhance our learnings by working on real-time projects and we un-learn. We have
invested in re-skilling and upskilling significantly in alignment with your Company vision
of Digital Transformation.
Reverse Mentoring is the flagship programme where the senior leaders reach out to young
leaders for learning, especially around social media and technology. This allows the
senior leadership to stay abreast of latest happenings in the world.
Your Company is training its employees on the most sought-after and latest
technologies. Ride With Pride is the future skilling initiative which covers 13 skills of
the future including AI, RPA, Big data/ Analytics, CX, AR/VR, Cloud, IoT, Block Chain, BE,
Platforms, Security, SDN/ NFV.
Your Company has created DEXT, a state-of-the-art learning platform for all its
employees, which allows employees to learn courses from various platform such as EdX and
Future skills where courses are taught by best in the world professors from MIT, Harvard
and Stanford etc. DEXT is device agnostic allowing employees to access it from phone as
well as desk at their own pace. It is the unified gateway for all learning contents from
internal and external sources.
Your Company has also gone the extra mile through its innovative platform ExtraMile
which helps employees to work on real-time company projects and prove their prowess.
COMPANY THAT CARES
Your Company believes in the fundamentals of transparency and empathy which has helped
it build a culture of recognition, open conversation and celebrations.
The Company launched C.A.R.E. a platform which provides a platform for associates to
raise all types of non-operational issues from mental health to policy violations. The
focus is on open conversation and providing quality resolutions. The resolutions are
monitored by Chief People Officer.
Your Company believes in recognizing every great work done by its employees, about 44%
of the employees were rewarded during the year against an industry average of 40%.
QUALITY
Your Company continues its focus on quality and strives to exceed customer expectations
at all times. During the year, it undertook CMMI Dev v1.3 (Capability Maturity Model
Integration) (Development) assessment and was successfully assessed at L5. Similarly it
underwent various upgrade and continuous evaluation audits for various standards during
the year to meet client demands and enhance value delivery – Successfully assessed
for, CMMI Dev v 1.3, Level 5, ISO 9001:2015 (Quality Management System), ISO 20000-1:2011
(Information Technology Service Management System), ISO 27001:2013 (Information Security
Management System), TL9000 R 6.1/ R5.5 (Quality Management Systems for Tele Communications
industry), ISO 13485:2016 (Quality Management Systems for medical devices), AS9100 Rev D
(Standard for Aerospace domain – scope of certification limited to the aerospace
business within Tech Mahindra). In addition to these, your Company also maintains its
commitment to health, safety and environment by continually improving its processes in
accordance with ISO 14001:2015 (International Organization for Standardization) and OHSAS
18001:2007 (Occupational Health and Safety Assessment Series) standards. Your Company is
also certified on ISO 22301:2012 (Societal Security and Business Continuity Management
System) and has a comprehensive Business Continuity and Disaster Recovery framework, to
prevent potential business disruptions in the event of any disaster. It has processes that
will help resume services to customers' acceptable service levels. Automated Service Desk
with SLAs for enabling business and Vulnerability Assessment and Penetration Testing Lab
for secured corporate network operations are highlights showcasing information security
posture of the Organization.
Tech Mahindra (IT Division) has been assessed for implementation of high maturity
business excellence practices' at Mahindra Group (Services Sector). It has been assessed
at TMW Maturity Stage 6 (on scale of 1-10 stages) of Mahindra Business Excellence
Framework – The Mahindra Way. These certifications are testimony of the robustness of
business processes and at large the quality culture imbibed in the organization.
Your Company has also strengthened Process/Practice and Tools Industrialization of
various Engineering activities for Development, Testing and Managed service portfolio to
achieve standardization, better efficiency and best practices being implemented across the
businesses.
Your Company has continued to strengthen the process for transforming Quality Assurance
processes to New Age Delivery processes with focus on re-usability and automation
to achieve better customer experience and faster quality delivery. Your Company is putting
all the initiatives in place in order to ensure we deliver as stated in Quality Policy.
DIRECTORS
During the year under review, all Independent Directors have given declarations that
they meet the criteria of independence as laid down under Section 149(6) of the Companies
Act, 2013 and Regulation 16(1)(b) of the Securities and Exchange Board of India (Listing
Obligations And Disclosure Requirements) Regulations, 2015.
Pursuant to the provisions of Section 152(6)(c) of the Companies Act, 2013, Mr. V. S.
Parthasarathy, Director (DIN: 00125299) is liable to retire by rotation and offers himself
for reappointment.
The tenure of Mr. Anupam Puri, Mr. M. Damodaran, Mr. T. N. Manoharan, Ms. M.
Rajyalakshmi Rao and Mr. Ravindra Kulkarni who were appointed as Independent Directors of
the Company on 1st August, 2014 would end on 31st July, 2019. Board of Directors
has recommended the re-appointment of Mr. M. Damodaran (DIN: 02106990) up to 31st
March, 2022 as Mr. Damodaran would attain the age of 75 years in the year 2022 and
re-appointment of Mr. T. N. Manoharan (DIN: 01186248) and Ms. M. Rajyalakshmi Rao (DIN:
00009420) for a further period of 5 years subject to the approval of shareholders at the
ensuing Annual General Meeting.
Your Directors co-opted Ms. Mukti Khaire (DIN: 08356551) as an Additional
Director with effect from 19th April, 2019 whose term will end at the ensuing Annual
General Meeting. Since Ms. Mukti Khaire meets the criteria of Independent Director,
the Board recommended her appointment as an Independent Director for a period of 5 years
subject to the approval of shareholders at the ensuing Annual General Meeting.
Mr. Anupam Puri and Mr. Ravindra Kulkarni Independent Directors have opted not to be
re-appointed considering they would be attaining 75 years of age.
The Board places on record its sincere appreciation for the valuable advice and
guidance of Mr. Anupam Puri and Mr. Ravindra Kulkarni during their tenure as Directors of
the Company.
Familiarisation Programme
These Programs aim to provide insights into the Company to enable the Independent
Directors to understand its business in depth and contribute significantly to the Company.
The details of program for familiarisation of the Independent Directors with the Company
are available on the Company's website and can be accessed at the web-link: https://www.techmahindra.com/sites/ResourceCenter/
brochures/investors/corporategovernence/Familiarization-Programme-to-Independent-Directors.pdf.
The Board members are also regularly updated on changes in Corporate and Allied laws,
Taxation laws and related matters through, presentations and updates made by the
respective functional leaders. MD & CEO along with Senior leadership conducts
quarterly session with board members sharing updates about the Company's business
strategy, operations and the key trends in the IT industry relevant for the Company. These
updates help the board members to abreast themselves with the key changes and their impact
on the Company.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Regulation 19 read with
Schedule II, Part D of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has devised a policy on evaluation
of performance of Board of Directors, Committees and Individual directors. Accordingly,
the Chairman of the Nomination and Remuneration Committee obtained from all the board
members duly filled in evaluation templates for evaluation of the Board as a whole,
evaluation of the Committees and peer evaluation. The summary of the evaluation reports
was presented to the respective Committees and the Board.
Number of Meetings of the Board
The Board met 5 times during the financial year. The meeting details are provided in
Corporate Governance report that forms part of this Annual Report. The maximum interval
between any two meetings did not exceed 120 days as prescribed in the Companies Act, 2013.
Policy on Directors' Appointment and Remuneration
The Governance policies laid down by the Board of Directors of your Company include: i.
Policy on appointment and removal of Directors, Key Managerial Personnel and Senior
Management; ii. Policy on remuneration to the Directors, Key Managerial Personnel and
Senior Management and other Employees;
The extract of these two policies are provided in "Annexure IV".
The policies are available on the Company's website and can be accessed at the
web-link: https://www.techmahindra.com/sites/ResourceCenter/
brochures/investors/corporategovernence/Governance-Policies-including-remuneration-to-Directors-KMPS.pdf.
SUCCESSION PLAN
In accordance with the principles of transparency and consistency, your Company has
adopted governance policies for Board of Directors, Key Managerial Personnel & Senior
Management appointments, remuneration and evaluation. These governance policies inter alia
outline Succession Planning for the Board, Key Managerial Personnel and Senior Management.
Training
The Company has laid down a policy on training for Independent Directors, as part of
the governance policies. The Senior Leadership of the Company update the directors on the
regulatory changes, Business strategy and operations periodically.
Key Managerial Personnel (KMPs)
Pursuant to provisions of Section 203 of the Companies Act, 2013, Mr. C. P. Gurnani,
Managing Director & Chief Executive Officer, Mr. Milind Kulkarni, Chief
Financial Officer up to 31st May, 2018 & Mr. Manoj Bhat, Chief Financial
Officer from 1st June, 2018 and Mr. Anil Khatri, Company Secretary & Compliance
Officer were the Key Managerial Personnel of the Company during the year under review.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors, based on the
representation(s) received from the Operating Management and after due enquiry, confirm
that: i. in the preparation of the annual accounts, the applicable accounting standards
have been followed along with proper explanation relating to material departures, if any;
ii. they have selected such accounting polices and these have been applied consistently
and, reasonable and prudent judgments and estimates have been made so as to give a true
and fair view of the state of affairs of the Company as at March 31, 2019 and of the
profit of the Company for the year ended on that date; iii. proper and sufficient care had
been taken for the maintenance of adequate accounting
11 records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities; iv. the annual accounts have been prepared on a going concern basis; v.
they had laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and were operating effectively; vi. the proper
systems to ensure compliance with the provisions of all applicable laws are in place and
are adequate and operating effectively.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
FINANCIAL STATEMENTS
The Company has internal financial controls which are adequate and were operating
effectively. The controls are adequate for ensuring the orderly & efficient conduct of
the business, including adherence to the Company's policies, the safe guarding of assets,
the prevention & detection of frauds & errors, the accuracy & completeness of
accounting records and timely preparation of reliable financial information.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant and material orders passed by the regulators or courts or
tribunal impacting the going concern status and the Company's operations in future.
STATUTORY AUDITORS
The members, at the 30th Annual General Meeting held on August 1, 2017, appointed M/s.
B S R & Co. LLP, Chartered Accountants, [Firm's Registration No. 101248W/W-100022] as
the Statutory Auditors (‘BSR') of the Company, to hold office for a term of five
years from the conclusion of the 30th Annual General Meeting (AGM) of the Company held in
the financial year 2017-18 until the conclusion of the AGM of the Company for the
financial year 2021-22 on such remuneration as may be determined by the Board of
Directors.
The members may note that the Ministry of Corporate Affairs vide its notification dated
7th May, 2018, has done away with the requirement of yearly ratification of appointment of
Statutory Auditors, at the AGM. Pursuant to Section 139 of the Companies Act, 2013 the
statutory auditors M/s. B S R & Co. LLP, Chartered Accountants have confirmed they are
eligible to continue as auditors.
There are no qualifications, reservation or adverse remark or disclaimer made in the
audit report for the Financial Year 2018-19.
SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had
appointed Dr. K. R. Chandratre, Practicing Company Secretary, Pune to undertake the
Secretarial Audit of the Company. The Secretarial Audit Report is provided as "Annexure
V". There are no qualifications, reservation or adverse remark or disclaimer made
in the Secretarial Audit Report.
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards.
EXTRACT OF THE ANNUAL RETURN
Pursuant to the provisions of Section 134(3)(a) of the Companies Act, 2013, the extract
of the Annual Return in Form MGT-9 is attached as "Annexure VI".
The same is available at the web-link: https://www.techmahindra.com/investors/annual_
reports.aspx. The Annual return will be uploaded on the website of the Company once it
is filed with the Ministry of Corporate Affairs.
MANAGERIAL REMUNERATION
Disclosures of the ratio of the remuneration of each director to the median employee's
remuneration and other details as required pursuant to Section 197(12) of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 as amended from time to time, are provided as "Annexure VII".
None of the directors or Managing Director & CEO of the Company, received any
remuneration or commission from Subsidiary Companies of your Company.
The details of remuneration paid to the Directors including the Managing Director &
CEO of the Company are given in Form MGT-9 forming part of the Directors Report.
PARTICULARS OF EMPLOYEES
The information required under Section 197(12) of the Companies Act, 2013 ("the
Act") read with Rule 5(2) & of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 forms part of this Report. However, pursuant to first
proviso to Section 136(1) of the Act, this Report is being sent to the Shareholders
excluding the aforesaid information. Any shareholder interested in obtaining said
information, may write to the Company Secretary at the Registered Office / Corporate
Office of the Company and the said information is available for inspection at the
Registered Office of the Company.
PREVENTION OF SEXUAL HARASSMENT POLICY
Your Company laid down Prevention of Sexual Harassment policy and it is made available
on the website of the Company. The Company has zero tolerance on Sexual Harassment at
workplace. During the year under review there were no cases filed pursuant to the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
EMPLOYEE STOCK OPTION SCHEMES
During the year under review, there were no material changes in the Employee Stock
Option Schemes (ESOPs) of the Company and the Schemes are in compliance with the SEBI
Regulations on ESOPs. As per Regulation 14 of SEBI (Share Based Employee Benefits)
Regulations, 2014 read with SEBI circular dated June 16, 2015 the details of the ESOPs are
uploaded on the Company's website and can be accessed at the web-link: http://www.techmahindra.
com/sites/ResourceCenter/brochures/investors/ corporategovernence/Details-of-ESOPs.pdf.
CORPORATE GOVERNANCE
A report on Corporate Governance covering among others composition, details of meetings
of the Board and Committees along with a certificate for compliance with the conditions of
Corporate Governance in accordance with the Securities and Exchange Board of India
(Listing Obligations And Disclosure Requirements) Regulations, 2015, issued by the
Statutory Auditors of the Company, forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed analysis of your Company's performance is discussed in the Management
Discussion and Analysis Report, which forms part of this Annual Report.
RISK MANAGEMENT
The Risk Management Committee of the Board of Directors periodically reviews the Risk
Management framework, identifies risks with criticality and mitigation plan. The elements
of risk as identified for the Company with impact and mitigation strategy are set out in
the Management Discussion and Analysis Report.
ESTABLISHMENT OF VIGIL MECHANISM
Your Company has laid down Whistle Blower Policy covering Vigil Mechanism with
protective Clauses for the Whistle Blowers. The Whistle Blower Policy is made available on
the website of the Company.
DEPOSITS / LOANS & ADVANCES, GUARANTEES OR INVESTMENTS
Your Company has not accepted any deposits from the public during the year under
review. The particulars of loans/advances, guarantees and investments under Section 186 of
the Companies Act, 2013 are given in the notes forming part of the Financial Statements.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All transactions entered into with Related Parties as defined under Section 2(76) of
the Companies Act, 2013 and Regulation 23 of the Securities and Exchange Board of India
(Listing Obligations And Disclosure Requirements) Regulations, 2015, ("The Listing
Regulations"), during the financial year were in the ordinary course of business and
at an arm's length pricing basis and do not attract the provisions of Section 188 of the
Companies Act, 2013. There were no transactions with related parties in the financial year
which were in conflict with the interest of the Company and requiring compliance of the
provisions of Regulation 23 of the Listing Regulations. Suitable disclosure as required by
the Indian Accounting Standards (Ind AS 24) has been made in the notes forming part of the
Financial Statements.
The Company has formulated a policy on materiality of Related Party Transactions and
dealing with Related Party Transactions which has been uploaded on the
Company'swebsitewhichcanbeaccessedattheweb-link: https://www.techmahindra.com/sites/ResourceCenter/
Brochures/investors/corporategovernence/Related-Party-Transactions-Policy.pdf.
The particulars of related party transactions in prescribed Form AOC - 2 are attached
as "Annexure VIII".
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under Section 134(3)(m) of the Companies Act, 2013 read
with Rule 8 of the Companies (Accounts) Rules, 2014 are provided in "Annexure
IX" which forms part of this report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The CSR vision of your Company is "Empowerment through Education." In
compliance with the guidelines prescribed under Section 135 of the Companies Act, 2013,
your Company has constituted a Corporate Social Responsibility Committee. Your Board of
Directors
13 laid down the CSR Policy, covering the Objectives, Focus Areas, Governance Structure
and Monitoring & Reporting Framework among others. The Company has spent on CSR more
than 2% of the average net profits of the Company. The policy is available at: https://www.techmahindra.com/society/default.aspx.
Your Company's social initiatives are carried out by Tech Mahindra Foundation and
Mahindra Educational Institutions Section 8 (erstwhile Section 25) Companies promoted by
the Company.
TECH MAHINDRA FOUNDATION (TMF)
The Foundation was set up in 2007, as a Section 25 Company (referred to as a Section 8
Company in the Companies Act, 2013). Since then, it has worked tirelessly towards the
vision of "Creating educated, skilled and able women and men as the country's true
strength", establishing itself as a prominent CSR player within the Mahindra Group as
well as a leading social organization at the national level. The Foundation essentially
works with children, youth from urban locations, disadvantaged communities in India, with
a special focus on women and persons with disabilities. During the year under review, Tech
Mahindra Foundation has successfully steered 167 high-impact projects with 90+ partners,
reaching out to 150,000+ children, teachers and youth across these locations.
The key initiatives in the area of School Education include: All Round Improvement in
School Education (ARISE)
Tech Mahindra Foundation's educational initiatives under ARISE are long-term school
improvement programmes, in partnership with local governments and partner organisations.
The Foundation in 2018-19 worked with approximately 40+ partner schools to turn them into
model schools of excellence. ARISE+ is a variant of ARISE in which children with
disabilities are provided chronic therapy as well as special education to help them lead
more fulfilling lives.
Shikshaantar
Shikshaantar, envisioned as a programme for enhancing capacity of government school
teachers, has taken rapid strides during the year. TMF has been working with the East
Delhi Municipal Corporation since 2013 to manage its In-Service Teacher Education
Institute (ITEI), where teachers from nearly 400 primary schools receive quality training
on a regular basis. Looking at the success of this intervention, the Foundation was
invited by the North Delhi Municipal Corporation, which has over 700 schools, to run its
ITEI as well. With this, the Foundation has the responsibility of training over 60% of
primary school teachers in Delhi. In addition to these, the Foundation has also worked
with Municipal Corporations in
Chennai, Hyderabad, Pune & Thane for strengthening capacities of government school
teachers. Finally, the Foundation piloted an innovative program called English-Winglish
under the Shikshaantar umbrella with the objective of imparting English communication
skills to teachers from government schools that have recently been converted to English
medium.
Employability
Skills-for-Market Training (SMART) is the Foundation's flagship programme in
employability. It is built on the vision of an educated, enlightened and employed India,
and a belief that educated and skilled youth are the country's true strength. The
programme started with 3 Centres in 2012 and is currently running 100 Centres at 11
locations across India. These include SMART Centres, SMART+ Centres (training for people
with disabilities), and SMART-T Centres (training in technical trades).
In 2018-19, your Company trained close to 19,000 young women and men under its SMART
program, of which 1,477 were persons with disabilities. More than 70% of the graduates are
placed in jobs upon successful completion of the training, across multiple industries.
The feather in the Foundation's employability cap has been the Tech Mahindra SMART
Academies for Healthcare that are operating in Delhi, Chandigarh and Mumbai. These
Academies are setting a new benchmark in the country when it comes to the professional
development of paramedical staff. During FY 2018-19, over 850 youngsters were admitted to
these Academies. The Foundation has also been operating the SMART Academy for Digital
Media and Logistics in Vizag, in which another 200 youth were admitted.
MAHINDRA EDUCATIONAL INSTITUTIONS (MEI)
Mahindra cole Centrale (MEC), College of Engineering, established by MEI in
collaboration with cole Centrale Paris (now CentraleSuplec) and JNTU Hyderabad, is set
to graduate its second batch of students this year, after a successful five-year presence
on the technical education landscape of the country, characterized by its rising
popularity.
This high impact, Indo-French collaboration in engineering education has emerged as a
disruptive player with its keen focus on Industry-aligned and industry-sponsored
education; all Ph.D. faculty roster; global internships; international placements; and a
distinct curriculum that includes the French language. The Executive Council of MEC
features leaders both from Tech Mahindra and the Mahindra Group. The MEC campus,
surrounded by the sprawling green Tech
Mahindra Technology Centre in Hyderabad, India, is equipped with state-of-the-art
academic infrastructure. To support its strong research vision, MEC has set up relevant
high technology laboratories like the Robotics Lab, Super Computer Lab and Incubation
Centre; in addition to Media and Design Thinking labs.
During the year 2018-19, MEC has signed MoU's with multiple universities in the USA
like University of Florida, University of Nebraska at Omaha and it's in the process of
signing MoU's with University of Texas at Austin, Georgia Tech, Atlanta, University of
Wisconsin at Madison and many more. These MoU's are opening doors to MEC students to
undertake 8-10 weeks of summer internships and faculty development programs overseas.
The Annual Report on CSR activities is provided as "Annexure X".
SUSTAINABILITY
Sustainability for your Company is not just a business case but an imperative for the
long-term success and growth of the Company. The focus on sustainability helps the Company
manage its social and environmental impacts, improve operational efficiency and ensure
that corporate decisions lead to a transparent, fair and equitable growth that does not
infringe on the rights of the others.
Your Company is aware of its environmental and social responsibilities and work in
collaboration with our stakeholders to build solutions that enable it to tread on the path
of responsible growth. With a structured stakeholder engagement process, the company has
been able to design strategies and initiatives, which does not just improve its
sustainability credentials but reinforce its overall business philosophy too.
Tech Mahindra is moving towards carbon neutrality through various Sustainability
initiatives and best practices. Making Sustainability Personal and Individual Social
Responsibility are fundamental at Tech Mahindra. The emphasis on the green ecosystem is
seen through its commitment to go carbon neutral, making optimum use of resources and
moving towards a low emission technology. Your Company has taken ambitious emission
targets, which have been approved by the SBTI (Science based Targets Initiative) and are
taking various steps to achieve them.
The Company aims to reduce its carbon footprint by installing solar modules,
retrofitting LEDs, installing motion sensors, using star-rated and efficient equipment and
reducing, recycling and reusing waste. The Company also aims to decrease transport
emissions by using improved logistics policies and through inventory control measures.
Your Company has digitalized internal communications with virtual meetings through tele/
audio-conferencing that bring down meeting-related travel and other costs considerably.
Your Company's sustainability-focused areas are:
Going Carbon Neutral: Increasing use of renewable energy; Improving Energy
Efficiency; implementing carbon price; decreasing business travel; optimising logistics;
moving towards low carbon economy and ensuring environmental stability
Saying No to plastic: Using Biodegradable materials, encouraging associates also
to use eco-friendly products, awareness on preventing single-use plastic
Reduce, Reuse, Recycle, Recover: Implementing process of Reduce, Reuse, Recycle
and Recover across the value chain to decrease waste
Sustainable supply chain: Ensuring our suppliers follow the highest standards of
sustainable and ethical best practices
Work-life balance: Providing an assured career development path and a feasible
work-life balance to our associates
Innovation: Becoming future-ready by proactively encouraging Innovative thinking
across the organization and going digital
Transparency: Showcasing our organizational policies and processes in the TCFD
based IR available online Your company aims to pioneer new solutions for sustainable
development while continuing to shape its business responsibly and increasing its economic
success. Your company has invested in green solutions like smart grid, smart cities, smart
waste management systems and electric vehicle charging systems. The company is also
working with suppliers and vendors to cut down on logistics and transportation to reduce
its emissions. Your Company's commitment and performances are validated by the external
recognition it has received. The leadership positions and achievements across platforms
encourage the Company to strive for excellence even more.
Identified as a global leader for Supplier
Engagement by CDP 2018
Member of DJSI World Index for 2018- one amongst only 4 Indian Companies to be listed
One of the 10 Indian Companies who are part of the DJSI 2018 Emerging markets category
Listed as a ‘Rising Star' in the CDP's India Climate
Change Leaders 2018
Silver Class distinction for excellent sustainability performance in the RobecoSAM 2019
Sustainability Yearbook
Constituent of the FTSE4 Good Emerging Index
2018
Awarded "Prime" status in Oekom's 2018
Sustainability Rating
Winner of the Mahindra RISE Change Agent
Sustainability Award 2018
The Sustainability reporting of your Company is based on various global standards and
frameworks like TCFD (Taskforce on Climate Related Financial Disclosures), CDSB (Climate
Disclosure Standards Board) and GRI (Global Reporting Initiative). The externally assured
Tech Mahindra Integrated Reports can be accessed at: http://www.techmahindra.com/company/Sustainability.
aspx.
AWARDS AND RECOGNITION
Your Company continued its quest for excellence in its chosen area of business to
emerge as a true global brand. Several awards and rankings continue to endorse your
Company as a thought leader in the industry. The Awards / recognitions received by the
Company during the year 2018-19 include:
Ranked 15th on the Forbes Digital 100 list, and the highest-ranked non-US Company on
the list.
Mr. C. P. Gurnani recognized as ‘The Corporate
Leader of the Year' at the 14th Indo-American Corporate Excellence (I-ACE) Awards, and
Best CEO of the Year in IT & ITES category by Business Today.
Received the AICRA STEM Awards 2018 in the
‘Excellence in Automation' category, recognizing the best automation system
integrators in the business.
Gold Winner at the CEO World Award in the
‘CEO Achievement of the Year' category.
Selected as ‘Brand of the Decade 2019' by BARC
Asia, a media research and rating agency.
Awarded Golden Peacock Global Award for
Excellence in Corporate Governance – 2018 by the Institute of Directors (IOD).
Recognized as a gold winner for being the
Most Innovative Cyber security Company at the Cybersecurity Excellence Awards 2019.
Declared winner in the - Most innovative use of
Blockchain for Social Good category of the India Blockchain Awards 2019.
Featured in the Forbes Asia's Fab 50 Companies
List 2018.
Included for the first time in the ET Brand
Equity-Top 75 most valuable Brands 2018.
Tech Mahindra Business Process Services recognized as a Leader in Customer Experience
Services by Global Analyst Firm NelsonHall.
One of the Top 10 Best Company for Women in
India in the 2018 Working Mother & AVTAR 100 Best Companies List.
Awarded the "Best International Organization in Skill Development" at the
ASSOCHAM Skilling India Awards-2018.
Tech Mahindra recognized as a leader in the
Dow Jones Sustainability Indices 2018 for the fourth consecutive year.
ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the contributions made by
employees towards the success of your Company. Your Directors gratefully acknowledge the
co-operation and support received from the Shareholders, Customers, Vendors, Bankers,
regulatory and Governmental authorities in India and abroad.
|
For and on behalf of the Board |
|
Anand G. Mahindra |
| Place: Mumbai |
Chairman |
| Date: May 21, 2019 |
(DIN: 00004695) |
DIVIDEND POLICY
The dividend policy of the Company balances the objectives of rewarding the
shareholders through dividends and retaining capital to invest in the growth of the
Company.
The Board considers the yearly dividend based on the Net Profit after Tax (PAT)
available for distribution as reported in the consolidated statutory financial statement
sprepared in accordance with the applicable Accounting Standards. In addition, the Board
reviews the capital expenditure needs, cash requirements for investments in capability
enhancements and future non organic growth initiatives.
The dividend is declared at the Annual General Meeting of the shareholders based on the
recommendation by the Board. The Board may also declare an interim dividend for the
benefit of the shareholders.
ANNEXURE I
Your Company has a track record of steady increases in dividend declarations over its
history. The current dividend policy is to distribute a minimum of 20% of the Profits
after Tax each year under normal circumstances. The Board has the discretion to recommend
a lower dividend in case the business demands it.
The Board may recommend special dividend on occasions of significance.
The dividend policy of the Company is reviewed periodically by the Board.
|
For and on behalf of the Board |
|
Anand G. Mahindra |
| Place: Mumbai |
Chairman |
| Date: May 21, 2019 |
(DIN: 00004695) |
Tech Mahindra Ltd
Company Background
| Incorporation Year | 1986 |
| Registered Office | Gateway Building,Apollo Bunder
Mumbai,Maharashtra-400001 |
| Telephone | 91-22-22021031,Managing Director |
| Fax | 91-22-22028780 |
Anand MahindraC P Gurnani| Company Secretary | Anil Khatri |
| Auditor | B S R & Co LLP |
| Face Value | 5 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | Link Intime India Pvt Ltd
BNo 202 Akshay Compl,Off Dhole Patil Road,Near Ganesh Mandir ,Pune-411001 |
Tech Mahindra Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Anand Mahindra | Chairman | 2019 |
| M Damodaran | Independent Director | 2019 |
| C P Gurnani | Managing Director & CEO | 2019 |
| T N Manoharan | Independent Director | 2019 |
| M Rajyalakshmi Rao | Independent Director | 2019 |
| V S Parthasarathy | Director | 2019 |
| Anil Khatri | Company Secretary | 2019 |
| Mukti Khaire | Director | 2019 |
| Haigreve Khaitan | Independent Director | 2019 |
| Shikha Sharma | Independent Director | 2019 |
| Anish Shah | Addtnl Non-Executive Director | 2019 |
Tech Mahindra Ltd
Listing Information
| Listing Information |
|---|
| BSE_SENSEX |
| NIFTY |
| BSE_500 |
| BSE_IT |
| BSE_100 |
| BSE_200 |
| BSEDOLLEX |
| BSE_TECK |
| CNX500 |
| CNX_IT |
| CNX100 |
| CNXSERVICE |
| CNX200 |
| CNXDIVIDEN |
| BSECARBONE |
| NIFTY50V20 |
| NFT100EQWT |
| BSEALLCAP |
| BSELARGECA |
| NFTQULTY30 |
| SENSEX50 |
| ESG100 |
| LMI250 |
| BSEDSI |
| BSEQUI |
| NFT50EQWT |
| NFT100LV30 |
Tech Mahindra Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Software Services | Rs. | 0 | 0 | 0 | 27219.6 |
| Management Fee | Rs. | 0 | 0 | 0 | 0 |