Mastek Group Q2 Net Zooms 102% To Rs 6.09 Crore

Mastek group, which comprises Mastek and its wholly owned subsidiaries in the US, the UK, Germany, Belgium, Singapore and Malaysia, has posted a net profit (net of inter-company sales) of Rs 6.09 crore for the quarter ended December 31, 2001 (second quarter), as against Rs 3.01 crore for the quarter ended December 31, 2000, which works out to an increase of 102 per cent over the corresponding quarter.

Total revenues for the group as a whole stood at Rs 65.55 crore in the quarter ended December 31, 2001, as against Rs 66.89 crore for the corresponding period last fiscal, a decrease of 2 per cent.

Mastek India has posted a net profit of Rs 9.41 crore for the quarter ended December 31, 2001, compared with Rs 2.8 crore for the quarter ended December 30, 2000. Total income rose to Rs 24.47 crore in the quarter ended December 31, 2001, from Rs 21.1 crore in the corresponding quarter last year.

The group has scaled up its profit after tax growth guidance to 150 per cent from 100 per cent earlier for fiscal 2002. The company has, however, continued to maintain its guidance of 10 per cent to 15 per cent growth in revenues for the same period.

Ashank Desai, chairman and managing director, Mastek, said: "The last quarter was filled with many uncertainties, due to impact of the now-official US recession and September 11 events. Although we now see a few positive signals, it would be somewhat early to take any call on likely upturn in demand."