Mastek Q2 net profit at Rs.17.5 crore

Mastek Q2 net profit at Rs.17.5 crore

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Mastek, a global IT player and a trusted partner in complex digital & agile transformation programs in the Government, Retail and Financial Services worldwide, announced its financial results for the second quarter and half year of FY18.

Review of financial performance for the quarter ended 30th September, 2017.

Total income was Rs 204.1 crore during the quarter under review as compared to Rs 188.0 crore during the previous quarter, growth of 8.5% on Q-o-Q basis.

The operating income was Rs 198.5 crore during the quarter under review as compared to Rs 185.5 crore during the previous quarter, reflecting a growth of 7.0% in rupee terms
and an increase of 5.9% in constant currency terms.

Mastek’s 12-month order backlog was Rs 450.4 crore (£ 51.5mn), as on 30th September, 2017 as compared to Rs 344.6 crore (£ 41.1mn) at the end of Jun’17, reflecting a growth of 30.7% Q-o-Q in rupee terms and up 25.3% in constant currency.

The Company reported an EBITDA of Rs 29.3 crore (14.4% of total income) in Q2FY18 as compared to Rs 24.8 crore (13.2% of total income) in Q1FY18, growth of 18.1% on Q-o-Q
basis; EBITDA Margin expansion of 117 bps.

Net profit stood at Rs 17.5 crore in Q2FY18 as against Rs 14.7 crore in Q1FY18, up by 19.3% on Q-o-Q basis.

Abhishek Singh, Group CFO, Mastek, said: “The quarter ended was inline with our expectations.We have continued to deliver consistent financial performance during the quarter after incorporating the wage hikes. Our revenue grew by 59%, EBITDA up 110% and PAT up 139% on YoY basis. We are seeing good built up in our UK government business and US Digital Commerce business. We aspire to maintain the growth momentum going forward.”