Financial Daily from THE HINDU group of publications
Friday, Jul 22, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 22, 2005 |
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Corporate Results
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Software Info-Tech - Financial Performance Mastek Q4 net soars 83 pc Our Bureau
Mumbai , July 21 LED by its performance in the UK, and aided by a good delivery track record and revenue growth, Mastek Ltd has reported substantial growth in net profit for both the fourth quarter as well as the year ended June 30, 2005. Net profit for the quarter amounted to Rs 12.63 crore against Rs 6.87 crore reported during the corresponding quarter of the previous year, showing a growth of 83 per cent. Total income rose by 125 per cent, to Rs 85.63 crore up from Rs 37.96 crore.
The company's net profit for the year ended June 30, 2005, rose by 288 per cent, to Rs 47.37 crore up from Rs 12.2 crore; total income rose 112 per cent, to Rs 263.63 crore (Rs 123.83 crore). The Mastek Group reported an 84 per cent increase in net profit for the year at Rs 53.4 crore (Rs 29.1 crore). Total income rose by 27 per cent, and was recorded at Rs 576.7 crore against Rs 453.5 crore the previous fiscal. The company has announced a total dividend of 150 per cent, including the interim dividend of 40 per cent for 2004-2005. Based on the current exchange rate, the company expects the group income to be in the range of Rs 142 crore to Rs 147 crore, and net profit after tax and minority interest to be in the range of Rs 14.5 crore to Rs 15.5 crore for the July-September 2005 quarter, said Mr Ashank Desai, Chairman, Mastek. Commenting on the business outlook Mr Ashank Desai, Chairman, said, "In the last year, we have made significant progress in our position as a solutions company that can deliver large and complex projects. Our delivery track record has been very good, and we have had good revenue growth in the most of the client accounts that rely in us for their strategic software needs. "Our record annual revenue and profits, commendable UK performance, moving up on industry ranking and predictable performance in the whole year are pointers towards the same."
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