Mastek swings to profit in Q3

Mastek's Q3 net total income stood at Rs 185 crore as compared to Rs 173 crore in last qtr

Written by Fe Bureau | Mumbai | Published:April 20, 2012 5:11 pm

An improvement in operational efficiency saw information technology solutions company Mastek Ltd post a consolidated net profit of Rs 7.1 crore for the third quarter of the financial year 2012 as compared to a loss of Rs 1.5 crore in the previous quarter ending December.

The company’s Q3 net total income stood at Rs 185 crore as compared to Rs 173 crore in the previous quarter. The company’s financial year ends June 30.

“The operational efficiency measures undertaken over the past many quarters has paid off and helped us to turn profitable after a gap of six quarters and the consistent uptick in the order back log has generated confidence for growth going ahead,” says Sudhakar Ram,chairman and group chief executive officer at Mastek

Mastek’s Q3 product development spends stood at Rs 12.2 crore as compared to Rs 11.5 crore in the previous quarter. The company has a 12-month order backlog of Rs 401 crore as compared to Rs 369 crore at the end of the previous quarter. Mastek has added 5 new clients during Q3 from the North American,India and Asia Pacific region. The company has a total of 95 clients at the end of Q3FY12.

As on March 31,2012,Mastek headcount stood at 2,983 employees.

Shares of Mastek closed at Rs 102.95 on the Bombay Stock Exchange on Friday,down 1.95%.

Mastek posted a loss of Rs 22 crore during the nine months period ending March 31,2012 as compared to loss of Rs 48 crore in the corresponding period last year. The company’s net total income for the nine months period ending March 31,2012 stood at Rs 514 crore as compared to Rs 449 crore in the corresponding period last year.

The company has a balance sheet with Rs 129.4 crore in cash and equivalents (including liquid investments) as on March 31,2012 as compared to Rs 113.7 crore in the previous quarter.

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