Latest News | Mastek Q2 Net Profit More Than Doubles to Rs 59.1 Cr

New Delhi, Oct 30 (PTI) IT firm Mastek saw its consolidated net profit more than double to Rs 59.1 crore for the quarter ended September.

This is against the net profit of Rs 24.6 crore in the year-ago period, the company said in a regulatory filing.

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Its revenue from operations was up 68.2 per cent to Rs 409.7 crore for the quarter under review from Rs 243.6 crore in the July-September 2019 quarter, it added.

"Despite a volatile global environment and unprecedented times, I am very pleased with our broad based performance along with the revenue growth of 68.2 per cent year-on-year and operating EBITDA margin of 21.1 per cent for the quarter," Mastek Group CEO John Owen said.

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He added that the company has maintained its overall group growth momentum, and that the performance was balanced with strong order backlog and cash flows.

"We added 37 new customers on the backdrop of increasing demand for digital transformation and cloud migration services...This is our best performance on profit, margins and cash flow over the last few years, setting base for the future," Mastek Group CFO Abhishek Singh said.

The total client count as of September 30, 2020, was 542 (Last Twelve Months) and the 12-month order backlog was Rs 940.5 crore.

The company had a total of 3,354 employees, of which 2,283 employees were based offshore in India while the rest were at various onsite locations.

Mastek (UK) Ltd - which held 2,018,192 stocks in Majesco (USA) - had tendered its entire stake with the acquirer of Majesco (USA) for cash. It received the consideration aggregating to USD 32.3 million on October 19, 2020, the statement said.

The board of directors have proposed an interim dividend of Rs 5.50 per share, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)