Business Daily from THE HINDU group of publications
Thursday, Jul 24, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 24, 2008 ePaper | Mobile/PDA Version | Audio |
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Info-Tech
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Financial Performance Corporate Results - Software Mastek Q4 net rises on insurance revenues push “Our numbers were aided by the purchase of US-based Systems Task group, which gave about $4.5 m to revenues.” — Sudhakar Ram, Chairman & MD 
Our Bureau Mumbai, July 23 Healthy revenue contributions from the insurance practice coupled with tighter execution of existing contracts have propelled the Mumbai-based IT solutions firm Mastek Ltd to report a 63.1 per cent growth in net profit for the quarter ended June 30, 2008. The company’s bottom-line grew to Rs 38.58 crore from Rs 23.65 crore reported in the same period last year. Net sales of the company grew by 33.5 per cent to Rs 249.85 crore (187.15 crore), Mastek informed the bourses. (Mastek follows a July 1-June 30 financial year.) The company’s insurance business has been showing tremendous growth both on a year-on-year and on a quarter-on-quarter basis, according to Mr Sudhakar Ram, Chairman and Managing Director of Mastek. “Our numbers for the quarter gone by were aided by the acquisition of US-based Systems Task group (purchased in March this year), which contributed about $4.5 million (about Rs 19 crore) to revenues,” he said in a conference call with analysts, here on Wednesday. Cost control measures and improved productivity helped Mastek expand its EBITDA margin to 19.7 per cent from 19.3 per cent in the previous quarter. Mastek derives most of its revenues from the financial services (including insurance) and government space. Due to the rupee depreciation, the company had a forex loss of Rs 2 crore in the June quarter. While Europe contributes 63 per cent to Mastek’s revenue, North America accounts for 31 per cent. Full-year net risesFor the full-year ended June 2008, the firm’s consolidated net profit, excluding the erstwhile joint venture with Deloitte, soared by 39.2 per cent to Rs 125.88 crore as against Rs 90.43 crore recorded in the previous year. In March 2007, Mastek ended its joint venture with Deloitte, when it sold its stake in Mastek-DC Offshore Development Company Pvt Ltd to affiliates of Deloitte for an undisclosed amount. The company’s total income for the year was higher by 23 per cent at Rs 916 crore (Rs 743 crore). The insurance segment contributed about Rs 220 crore to the company’s topline in fiscal 2008. For the July-September 2008 quarter, Mastek estimates its consolidated total income (which is inclusive of other income) to be in the range of Rs 255 crore to Rs 260 crore. Net profit after tax and minority interest is likely to be in the range of Rs 39 to Rs 40 crore. The Mastek stock was down by 1.09 per cent to close at Rs 340 on the National Stock Exchange on Wednesday. Mastek net rises 31% on robust growth in revenue Mastek posts 65% rise in Q3 net at Rs 35 cr More Stories on : Financial Performance | Software
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