Tech Mahindra eyes $5bn revenues by FY-17

Hyderabad: Tech Mahindra, India's fifth largest software services exporter, is on track to become a $5 billion company by fiscal 2017, a top company executive said on Friday.

"So far as the business is concerned, it is good. Outlook is positive. It is not only for us, it is for the industry also. That's a good sign. Let's hope (we achieve $5 billion revenue goal).

"By the grace of God...We should be heading to that number. By 2016-17, there is a possibility that we will achieve our stated objective," Tech Mahindra Executive Vice-Chairman Vineet Nayyar told reporters. The company crossed $3 billion in revenues by the end of 2013-14 (from $2.6 billion in 2012-13) with nearly $500 million profit after tax. On the current deal pipeline, he said the infotech major bagged large contracts which helped it clock $3 billion revenues last fiscal. "We have been doing big deals. To reach $3 billion (in FY14) was not easy. Reaching $4 billion or $5 billion will be tough. But let's see we will achieve."

Nayyar was here to participate in an industry-academia interface programme organised at an engineering institute established by Mahindra Group and Ecole Centrale of Paris.

Asked about the cases filed against the company for the acts committed by promoters of scam-hit Satyam Computer prior to its acquisition by Tech Mahindra, Nayyar said they are in touch with the government and expect positive outcome.