Mastek Ltd, a high-end IT solutions player, on Wednesday announced its third quarter results. The company reported an increase of 65% in profit after tax at Rs 35.08 crore for the quarter ended March 31, 2008. Total income rose 22% to Rs 238.9 crore for the quarter ended March 31, 2008 as compared to Rs 195.3 crore in the corresponding quarter last year.
Strong revenue contributions from both the UK and the US operations that now include the recently acquired STGMastek enabled the company to deliver a 19.8% growth in total income. The company added 11 new accounts during the quarter, of which one was added by STGMastek post acquisition. Mastek also won a deal in the UK with Thales UK for the Ministry of Defence, UK. The Mastek stock moved up 3.69% on the Bombay Stock Exchange on Wednesday to close at Rs 322.85.
?We would continue to focus on the insurance and government verticals and be a high end consultant rather than just a service provider. The project with the ministry of defence, UK has been a critical project to us as it gives us the joint IP ownership which we can use to implement with other clients,? Sudhakar Ram, chairman and managing director, Mastek, told FE. ?Though Europe has been the maximum contributor to our revenues, we would continue to focus on the US and UK too,? he added.
Meanwhile, for the nine-month period ending March 31, the company announced that it has reported a 39.7% increase in profit from Rs 62.5 crore in the corresponding previous period to Rs 87.3 crore. The company also announced that it has reported a growth of 19.8% in total income to Rs 666.4 crore during the period as compared to Rs 556.3 crore in the corresponding period last year.
