'Disappointing' year but see positive signals ahead: Mastek

Despite a "disappointing" year due to the economic slowdown when both its revenue and PAT declined, IT major Mastek expects to get back on the growth-track soon, a top company official said.

"The economic slowdown impacted us and our revenue and PAT for the full year (ending June 30) declined to Rs 721.9 crore and Rs 67.7 crore, respectively," Mastek's Chairman and Group CEO Sudhakar Ram told PTI here today.

The company had clocked a revenue and PAT of Rs 964.9 crore and Rs 141.2 crore, respectively, last fiscal.

Apart from the economic slowdown, adverse forex conditions (a weakened pound sterling), ramp-down of the remainder phase of the BT/HNS project development revenues by the end of Q1 FY 10, increased hiring, wage hikes in Q3 of the (last) financial year and induction of multiple senior business leaders across geographies, also hit both revenues and margins, the company said.

"For the first time in 28 years, our revenue de-grew and PAT almost halved," Ram said.

However, positive signals were now emerging and the "company would increase its focus on growth by concentrating on the insurance solutions and Government businesses," he said.

"We are well-positioned in the insurance segment and aim to be among the top three global providers in this segment in three-years," he said, adding, "we aim to substantially increase our order-book backlog."