Mastek posts Rs 75.2-million net profit

Mumbai: Mastek Ltd has posted a net profit of Rs 75.20 million for the quarter ended 31 March 2002 as compared to Rs 0.30 million for the quarter ended 31 March 2001. The total income has increased from Rs 191.40 million in MQ-01 to Rs 266.20 million in the quarter ended 31 March 2002.

The group posted a net profit for the quarter ended 31 March 2002 at Rs 105.30 million as compared to Rs 1.10 million in the corresponding period last fiscal. The total income has increased from Rs 603.50 million in the quarter ended 31 March 2001 to Rs 715.80 million in MQ-2002.

Commenting on the performance, Mastek chairman and managing director Ashank Desai said: Although the US economic situation is somewhat better than the last quarter, there are still conflicting signals on the economic upturn. While we continue to add Fortune 1,000 clients, we have not seen any significant increase in size of the projects, and the pricing pressure continues. We are encouraged by European and Deloitte Consulting-JV performances. But we continue to focus our energies on the US market, and he are hoping an early upturn there.

On reviewing the overall performance during the past nine months in the current financial year, the company revises its 2001-02 revenue-growth guidance to 7-10 per cent compared to 10-15 per cent given earlier. It is also revising upwards its 2001-2002 profit after tax growth guidance to over 250 per cent compared to over 150 per cent given earlier.

Last year Mastek entered into a joint venture (JV) with Deloitte Consulting that offers India-based software services in areas such as application developments, systems implementation and integration, and information technology outsourcing services. The JV is a strategic move by Deloittee Consulting that allows the firm to offer its clients around the world custom software development that is faster, more economical, and of very high quality.

Deloitte Consulting is one of the worlds leading consulting firms, providing services in all aspects of enterprise transformation, from strategy and processes to IT and human resources. Based in Mumbai, India, and listed on the Bombay Stock Exchange, Mastek develops and markets software, and offers systems integration services and solutions in areas such as e-business, CRM and enterprise applications.