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Friday, Jul 12, 2002

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Mastek posts Rs 17-cr net profit

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MUMBAI, July 11

MASTEK group has reported a net profit of Rs 16.95 crore for the quarter ended June 30, 2002 compared to a loss of Rs 3.26 crore in the corresponding period last year. Total revenues for the quarter were Rs 85.53 crore as against Rs 65.11 crore in the same period during the previous year.

Total expenditure was Rs 61.2 crore (Rs 57.36 crore). Interest was Rs 0.37 crore (Rs 0.18 crore) while depreciation was Rs 2.05 crore (Rs 3.71 crore).

Net profit for the year ended June 30, 2002 was Rs 38.23 crore compared to Rs 8.44 crore in the previous year.

Total revenue for the year was Rs 288.09 crore (Rs 261.08 crore). Total expenditure was Rs 224.24 crore (Rs 230.12 crore).

Interest costs for the year were higher at Rs 2.18 crore (Rs 1 crore). Depreciation was recorded lower at Rs 11.53 crore (Rs 12.28 crore).

According to the company, there was an overall improvement in the group performance in terms of strategic client acquisitions, manpower utilisation and overhead cost management in the backdrop of the economic recession and September 11 events.

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