Tech Mahindra leads as global engineering R&D services provider: studyIANS
Software major Tech Mahindra has been recognised as a global engineering and R&D services provider based on the comprehensive assessment of its 'Design to Build Engineering' capabilities by management consulting firm Zinnov, the company said on Sunday.
The study, titled, 'Zinnov Zones - Product Engineering Services (PES) 2016', placed Tech Mahindra Integrated Engineering Solutions (IES) in the 'Leadership Zone' in seven industries -- such as aerospace, automotive, telecom, industrial, energy and utilities, transportation, and consumer electronics -- and 'Expansive and Established' zone for two horizontals -- Mechanical Engineering Services and Embedded Systems.
"We are delighted to be recognised as a leader among global engineering players. The ratings are testimony of our ability to integrate design, styling, new age customer experience through design thinking approach and help transform our customers as a product engineering partner," said Karthikeyan Natarajan, Global Head (Engineering, IoT and Enterprise Mobility), Tech Mahindra.
The rating validates Tech Mahindra's capabilities across parameters including breadth and depth of services -- non-linear offerings, innovation, talent, delivery excellence, customer connect, strategic partnerships, infrastructure and new engagement/business models.
For the study, Zinnov selected top 50 R&D Product Engineering service providers from an initial list of 200+ service providers across geographies like India, China, Russia, Eastern Europe & APAC.
This study should come as a bit of a breather for Tech Mahindra, which was in the news recently for poor quarterly performance, with shares slipping as much as 16.71 percent in early trade and hitting their lowest level in 43 months post disappointing Q4 financial results. At the end of session, the scrip was 11.66 percent down, eventually closing at Rs 379.30.
The IT firm reported a 30.2 percent sequential drop in net profit at Rs 589.6 crore for the quarter ended March 31, 2017, down 32.6 percent year-on- year as compared to Rs 876.1 crore, ET reported. Revenue for the quarter fell marginally by 0.8 percent at Rs 7,495 crore but was up 8.9 percent on a year-on-year basis. Some sections of the media criticised the top executives' exorbitant pay packages, with CEO C.P. Gurnani’s salary reportedly amounting to Rs 208.4 crore in FY15 and FY16.