The Hindu Business Line : Mastek net rises 63%

Mumbai, Oct. 10 IT solutions firm Mastek Ltd reported a 63 per cent rise in net profit for the quarter ended September 30 to Rs 41.2 crore against Rs 25.1 crore reported in the corresponding year ago period.

Total revenues for the quarter were up 24 per cent to Rs 261.7 crore (Rs 211.5 crore).

The company was able to achieve these numbers largely due to growth in its existing accounts and revenue inflows from the non-life (P&C) insurance business resulting from the recently acquired STGMastek, coupled with a tax refund of Rs 4.8 crore during the quarter.

“Our past efforts aimed at creating a strong opportunity pipeline and optimising productivity levels have also begun to deliver results. Therefore, despite the prevailing macroeconomic environment, the outlook for the full year remains positive and growth oriented,” said Mr Sudhakar Ram, Chairman & Managing Director, Mastek.

For the October to December quarter, Mastek estimates its consolidated total income (which is inclusive of other income) to be in the range of Rs 265-270 crore, the company said. Net profit after tax and minority interest is likely to be in the range of Rs 43-44 crore.

The Mastek scrip was down by 12.94 per cent to close at Rs 210.

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