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Our Bureau

Mumbai April 11 Higher contribution from the US operations aided by a one-time stake sale has enabled IT solutions provider Mastek Ltd to post a 132.4 per cent growth in net profit for the third quarter ended March 31, 2007. The net profit jumped to Rs 40.23 crore from Rs 17.31 crore in the corresponding quarter last year.

The company's Q3 results cannot be compared with the corresponding quarter last year, as it had received a one-time payment of Rs 58.44 crore on sale of its 50.1 per cent stake in a joint venture, Mastek-DC Offshore Development Company Pvt Ltd.

Mastek had forged a joint venture in 2001 with Deloitte Consulting to offer India-based software services. The US component of revenues increased 26.55 per cent from Rs 35.4 crore to Rs 44.8 crore this quarter.

"We were able to successfully ramp-up relationships with existing accounts and secure repeat orders. The quarter also saw commencement of billing of four new accounts in the UK and Asia, which substantially added to our revenues," Mr Jamshed B Jussawalla, Chief Financial Officer, Mastek Ltd told Business Line in a tele-conference.

Consolidated Revenues

Total income for the quarter rose to Rs 214.79 crore from Rs 179.47 crore for the quarter ended March 31, 2006, the company said in a communiqué to the BSE. The company, on a stand-alone basis, has posted a net profit of Rs 57.33 crore for the third quarter as against Rs 12.29 crore for the previous corresponding quarter. Total income increased to Rs 134.73 crore from Rs 102.26 crore.

For April-June 2007 (4th quarter), Mastek expects its consolidated revenues to be in the range of Rs 196 crore to Rs 200 crore and net profit is likely to be in the range of Rs 23 crore to Rs 24 crore, the company said in a press release.

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