Financial Daily from THE HINDU group of publications
Tuesday, Apr 13, 2004
Financial Daily from THE HINDU group of publications Tuesday, Apr 13, 2004 |
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Info-Tech
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Financial Performance Corporate Results - Software Mastek group net dips 38 pc Our Bureau
Mumbai , April 12 MASTEK group today reported a 37.5-per cent drop in net profit at Rs 10 crore for January-March 2004 as compared to Rs16 crore for the corresponding quarter in the previous year. The group's total income of Rs 105.3 crore showed a 6.3-per cent increase as against Rs 99.1 crore achieved during the same quarter the last year. For the nine-month ended March 31, 2004, income stood at Rs 292.2 crore (Rs 288.1 crore) while net profit showed a 63.7-per cent dip at Rs.17.2 crore (Rs 47.5 crore). "We had made the announcement earlier itself that we are likely to face a drop in the gross margins and this has been reflected in the results. Also we had a choice of skimping on sales and marketing to increase profitability, but we decided otherwise and this has also led to the dip in profit," Mr Ashank Desai, Chairman, Mastek group, told Business Line. However, a better order backlog at Rs 209 crore with a healthy sales pipeline is expected to offset the decrease in net profit recorded for the January-March period. "We are talking to several prospective clients," Mr Desai remarked. The group CEO, Mr Sudhakar Ram, was quoted in an official release that several of the delayed projects were back on track. Incidentally, the BPO joint venture between Mastek and Capita Group Plc has received all statutory approvals and has now commenced a Six Sigma exercise. The company issued a guidance for April-June 2004 period expecting the group revenue to increase by three to five per cent
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