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Our Bureau

Mumbai, Oct. 13 Software solutions firm Mastek Ltd has posted a 18.5 per cent rise in consolidated net profit for the quarter ended September 30 to Rs 25.12 crore as against Rs 21.19 crore recorded in the corresponding quarter a year ago.

The company’s total income was up by 6.3 per cent to Rs 211.49 crore (Rs 198.92 crore). These figures take into consideration the erstwhile joint venture that Mastek had with Deloitte Consulting LLP. Mastek exited the joint venture on March 9 this year. Without taking into account revenues from the joint venture, the company’s net profit is up by 22.1 per cent.

“The results were in line with our expectations. The growth appeared to be of a higher order on a quarter-on-quarter basis (around 13 per cent), because we were able to execute certain projects that had got delayed in the previous quarter,” said Mr Sudhakar Ram, Chairman and Managing Director, Mastek.

The appreciating rupee had a negligible impact on Mastek’s margins in the quarter, said Mr Ram. “In our guidance for the quarter, we had factored the rupee at Rs 40, while the actual realisation happened at Rs 40.3,” he said.

For the October-December 2007 quarter, Mastek expects its consolidated total income at Rs 215-220 crore. Net profit after tax and minority interest is likely to be in the range of Rs 25.5 crore to Rs 26.5 crore, said the company release.

The company believes that the markets have undervalued its equity shares and hence it has recommended buyback (of the shares) at a price not exceeding Rs 750 per share, up to an aggregate amount of Rs 65 crore.

The Mastek scrip was up by 13.15 per cent to Rs 364.05 on the BSE on Friday.

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