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Company description::
Mastek Group announces results for the quarter October-December 2003.
Reports Q-O-Q increase of 4.5% in revenues and 36.7% in net Profit.
Mastek Group today announced a total income of Rs.95.5 crores for the quarter October-December 2003 against:
Rs. 91.4 crores earned during July-September 2003.
Rs.97.4 crores achieved during October-December 2002.
Net profit for the quarter stood at Rs.4.1 crores against:
Rs. 3.0 crores during July-September 2003.
Rs. 16.3 crores for the corresponding quarter in the previous year.
The unaudited results were taken on record at the Board Meeting held on January 12, 2004.,
Mastek Group income for the six months period ended December 31, 2003 was Rs.186.9 crores, as against Rs.189.1 crores registered during the corresponding period in the previous year. The net profit for this six month period stood at Rs.7.1 crores. The US operations registered a growth of 12% while the European and the Asia Pacific operations declined by 17% each.
Commenting on the business outlook, Mr.Ashank Desai, the Chairman, said “Winning a US$ 50 mln, 10 year deal bears testimony to Mastek’s fundamental strength and unique market positioning as a software company that can be entrusted to deliver complex mission critical projects. I am also excited with the joint venture with Capita in the BPO arena which will extend our footprint beyond IT to a complete service play.”
Performance Highlights : October - December 2003
Commenting on the performance, Mr.Sudhakar Ram, the Chief Executive Officer, said “While our performance this quarter and in the first half has been in line with expectations, there have been delays in booking business. The next two quarters will be challenging but we are optimistic about facing up to it.”
Key highlights of the quarter are given below,
The acquisition of new customers during the quarter were lesser than expected as the prospects postponed their decisions to the new year. During the quarter, revenues from European operations grew by 15% on a sequential basis with new agreements signed with a few existing customers as well as new relationships. Revenues from the US operations dropped by 6% due to execution delays. Presently, US contributes 31% while Europe contributes 52% to the group revenue.
During the quarter, Mastek billed three additional customers which include one of the largest banks in Thailand for customisation of their new core banking platform. In Asia Pacific region, Mastek further extended its relationship with the global insurance major in the areas of Channel management, Reinsurance and Cash management for Singapore and Malaysia. Mastek’s repeat business stood at 97%. In UK, the business from existing customers remained steady with further contract extensions and renewals. As part of its focus on Insurance domain, Mastek has further strengthened its insurance team
Partnership with Syntegra, a part of BT group and one of the UK's leading Consulting and System Integration companies progressed rapidly during the last quarter. As a consortium partner with Syntegra – BT, Mastek was awarded a 10 year contract by Syntegra for an initial GBP 35 million, as part of the National Programme for IT within the UK’s National Health Service (NHS). The project is for development and maintenance of the National Health Services system and was won against stiff competition. As part of this programme, prime contracted by BT, Mastek will be responsible for the development and support of the applications viz. data integrity, terminology, reporting services and electronic transmission of prescriptions.
During the quarter, Mastek and Capita Group Plc, UK’s leading professional support services organisation formed a joint venture in the areas of Business Process Outsourcing through the proposed acquisition by Capita of 60% of Mastek BPO Limited, a wholly owned subsidiary of Mastek Limited at a consideration of Rs.21.4 million. The company, which will be renamed Capita Mastek BPO Limited, will continue to operate from its current facility in Thane. It will serve as a business process outsourcing (BPO) delivery unit for both Capita and Mastek, focusing on back office transaction processing. The venture has received FIBP approval and is expected to commence operations from April-June 04 quarter.
DCOTG : The Mastek-Deloitte Consulting joint venture had an eventful quarter, with a slew of client wins and strategic initiatives. It bagged several projects with Fortune 500 clients in the manufacturing, healthcare, public sector and financial services industries. The joint venture had 40 live projects as on 31 December,2003. The projects span services as diverse as AMO, package upgrades, remote development and reverse engineering. As of December 31, 2003 the staff strength increased to 450. . The joint venture is on course to meet its targeted head-count of 600 persons.
About Mastek:
Mastek, is a Rs. 379 cr., US $ 79 million (July 2002 - June 2003) publicly held, global IT application outsourcing company with global operations, that delivers cost effective quality solutions as per the customized requirements of Fortune 1000 organizations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates through 19 offices located in the US, Europe, Japan and Asia Pacific regions. Incorporated in 1982, Mastek has been in the forefront of technology, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries.
Mastek follows methodologies that generate substantial value to its customers by reducing time-to-market and ensuring a high level of predictability in the time, cost and quality of its projects. The company also focuses on enhancing value for its customers by providing substantially superior IT solutions at a lower cost.
For detailed results, please visit our Web Site http://www.mastek.com |
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