Mastek reports total income of Rs 214.8 cr in last financial quarter

Mumbai, Apr 11: Leading IT solutions provider Mastek, today announced its un-audited financial results for the last quarter, from January to March this year reporting a total income of Rs 214.8 crore, an increase of 19.7 per cent over the corresponding quarter last year.

The un-audited results were taken on record at the Board Meeting held today.

It is pertinent to note here that the preceding few weeks have witnessed the strengthening of the Rupee and rising inflationary pressures. Since a major chunk of the business of IT companies depend on US customers, the developments are adverse to their business interests.

The Chairman and Managing Director of Mastek, Sudhakar Ram told UNI ''Such developments are a part of life. Anyway, a lot of our customers are UK and Europe-based. So it will not affect us much as the Rupee has strengthened mainly against the US dollar and not the UK Pound or Euro.'' The impressive results posted by Mastek was driven by noticeably higher contribution from the US operations that posted a 28 per cent growth over the corresponding quarter last year, although European operations too delivered a growth of 28 per cent over the corresponding quarter last year.

Profit after Tax (PAT) for the quarter under review was Rs 23.8 crore, 37 per cent higher than the corresponding quarter last year.

For the nine-months ended March 31, this year revenues were 23 per cent higher at Rs 623.5 crore from Rs 507.7 crore in the corresponding period last year.

Net profit after tax was Rs 66.8 crore, implying a 38 per cent rise over Rs 48.5 crore reported for the corresponding nine-months last year, an official release here said. It may be noted here that the performance for the period under review does not include the full revenue and profit contribution from DCOTG, Mastek's joint venture (JV) with Deloitte Consulting, because the JV ended on March nine this year.

The financial contribution from DCOTG has therefore been consolidated with Mastek Group financials only for the period ending March nine. Resultantly, Mastek's consolidated performance in the January-March '07 quarter is not strictly comparable to the corresponding quarter last year.

Similarly, the performance outlook shared by the company during the previous quarter was prior to end of this JV, and is therefore not strictly comparable to performance reported for the quarter under review, the statement clarified.

Mastek, is a Rs 701 crore, publicly held, leading IT player with global operations providing enterprise solutions to insurance, government and financial services organizations worldwide. With its principal offshore delivery facility based at Mumbai, Mastek operates across US, Europe, Japan and Asia Pacific regions, the release added.

UNI