With the accelerated growth of the Indian Economy, TECNOVA also entered into a very significant phase of its growth.
We grew 100% in 2005-06 and are expecting to grow 70 to 75% this financial year.
In 2005-06 we added 26 new clients, a record number for us. Approximately 50% of these clients are large, with sales exceeding 3bn Euros. The new clients have been acquired from the automobile, engineering, FMCG and healthcare segments.
We continued our expansion into North Europe, Scandinavia and USA from which we have acquired significant business this year. Our outsourcing practice took a quantum leap with 3 large contracts in the second quarter.
In July 2006 we sold our BPO and IT businesses which had become commoditized since the margins were coming under increasing pressure due to cost increases and competition.
The company retains its core business of Consulting and Global Market Research and as a result of this move we think we will be able to better service our clients with a more comprehensive bouquet of offerings customized to their needs.
We have also retailored our consulting engagements to provide better value and services to our clients on a more cost effective basis.
In May we moved into a new office facility in Gurgaon of 30.000 sq.ft. This provides us with plenty of elbow room for our future expansions.
All these changes are important milestones for us at TECNOVA, and we hope the new improved web-site reflects our commitment and focus.
