Mastek Q3 net profit zooms to Rs.57.33 crores

Mastek Ltd has announced the unaudited results for the quarter ended March 31, 2007. The Company has posted a net profit of Rs 573.30 million for the quarter ended March 31, 2007 as compared to Rs 122.90 million for the quarter ended March 31, 2006. Total Income has increased from Rs 1022.60 million for the quarter ended March 31, 2006 to Rs 1347.30 million for the quarter ended March 31, 2007.

The Group has posted a net profit after tax and minority interest of Rs 402.30 million for the quarter ended March 31, 2007 as compared to Rs 173.10 million for the quarter ended March 31, 2006 on a consolidated basis. Total Income has increased from Rs 1794.70 million for the quarter ended March 31, 2006 to Rs 2147.90 million for the quarter ended March 31, 2007.

Commenting on the results, Mr. Sudhakar Ram, Chairman and Managing Director, of the Company, said: "We have delivered an encouraging operating performance this quarter, in line with expectations. I am particularly pleased with the performance of our US operations, where our efforts are beginning to deliver noticeable results. We were also able to implement some key strategic initiatives, including the appointment of William McCarter as our US operations head and the sale of our stake in the Deloitte Consulting JV.

Having achieved strong order booking in the preceding quarter, we resumed our focus on building a robust pipeline and leadership team across all our key markets during the quarter under review, which should serve as a platform for future growth and enable us drive revenue and earnings expansion in the coming quarters."

Source : Equity Bulls

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