Majesco targets global revenue of $200-225 mn in three years

About $2 mn (around Rs 13 crore) comes from India, which the company is looking to double in three years

Majesco, the de-merged insurance products and services business of Mastek, listed on the stock exchanges on Tuesday. It is planning to generate revenues of $200-$225 million (Rs 1,300-Rs 1,460 crore) in three years.

Of its current revenue of $106 million (Rs 692 crore), nearly $2 million (Rs 13 crore) comes from India.

Ketan Mehta, chief executive officer of Majesco, said: “At present, Asia-Pacific (APAC) contributes only 5.7 per cent to our overall revenue. There is an opportunity to double the size of the business from this region, especially India.” He added the company would look at newer areas such as health insurance and markets such as Latin America in future.

In India, the company works with 12 of the 23 private insurers through Elixir Distribution. With respect to the lines of business, 82.7 per cent is property and casualty, whereas life and annuity constitutes 13.2 per cent. Mehta said the life and annuity segment can grow rapidly from the small base as a result of platform maturity and engaged group market.

From an earnings before interest, taxes, depreciation, amortisation margin of 5.6 per cent, the company plans to touch 12-14 per cent over the next three years. The company is also looking at accretive acquisition opportunities.

In September 2014, Mastek announced the de-merger of its insurance products and services business into a new company called Majesco.

On Wednesday, Majesco shares closed at Rs 325.50 apiece on the BSE.