Satyam wins $8 mn worth new deals in Q2

Mahindra Satyam said on Wednesday it had won 30 million dirhams ($8 million) worth of new contracts in the Middle East and North Africa region in the July-September quarter.

Mahindra Satyam is planning to double its business in the region in the next 18 to 24 months, said a company statement.

Earlier the company had said that it is winning new outsourcing deals, but business is yet to see a total turnaround as some cautious clients wait for stability to return to the company.

“While there have not been any major client losses since April, some customers continue to keep Mahindra Satyam on their "watch list" to track its performance for about six months,” said Atul Kunwar, head of operations in Europe, Asia Pacific, the Middle East, Africa and India.

Mahindra Satyam was earlier known as Satyam Computer Services. Satyam was acquired by India's Tech Mahindra in an auction in April after the firm was hit by India's biggest corporate fraud that was revealed in January.

"Definitely, there is a sense of optimism that has started to come back but it isn't something that's windfall kind of a situation right now," Kunwar said.

Kunwar said Mahindra Satyam was seeing good business momentum in the geographies excluding the United States, with the company "actively participating" in some deals in Europe that could bring in revenues of about $50 million over four to five years.

"Europe is actually, from the point of view of looking at all these terrains, moving faster towards getting the momentum."

Non-US regions bring in about 50 per cent of Mahindra Satyam's revenue and the firm expects a sharp surge in India, Africa and the Middle East businesses in about two years, Kunwar said.