Mastek Net up over two-fold at Rs 20.3 cr in Jan-Mar quarter

IT solutions company Mastek today said its consolidated net profit more than doubled to Rs 20.3 crore for the quarter ended March 31, 2013.

The company had reported a net profit of Rs 7.6 crore in the year-ago period, it said in a BSE filing.

The total consolidated income of the firm rose marginally to Rs 229.5 crore in January-March 2013, from Rs 228.1 crore in the same period previous year.

Commenting on the results, Mastek Group CEO and Managing Director Sudhakar Ram said: "The year has ended on a strong footing with an overall good performance across all regions."

For the nine month period ended March 31, 2013, Mastek's consolidated net profit stood at Rs 34.3 crore against a net loss of Rs 21.8 crore.

Mastek follows the July-June fiscal year.

Its consolidated total income rose to Rs 683.4 crore from Rs 519.9 crore in the review period.

"The quarter's performance reflects stabilisation of profitability on the back of various operational and cost improvement initiatives undertaken during the year," Mastek Group CFO and Finance Director Farid Kazani said.

The Company also ended the year with a strong cash position of Rs 159 crore after completion of a successful share buyback of Rs 36 crore, he added.

The company added six new clients during the January-March quarter and 13 in the July-March period, taking its total tally to 118.

As on March 31, 2013, the company had a total of 3,214 employees, of which 2,377 employees were based offshore in India, while the rest were at various onsite locations outside India.

The company has seen substantial improvement in its cash position with total cash/cash equivalent increasing to Rs 159 crore as of March 31, 2013 as compared to Rs 134.7 crore at the end of December 31, 2012.