Mastek Q1 net profit Rs 4.4 crore

Revenue representing business of govt, retail and financial services, was at Rs 133.3 crore

Mastek reported net profit of Rs 4.4 crore for the first quarter ended June 30, 2015 as compared to Rs 0.9 crore reported in same quarter last year and Rs 6.4 crore in the quarter ended March 31, 2015.

Mastek’s first quarter numbers are not comparable with previous quarters as this is the first quarter since the demerger of its insurance products and services business.

Revenue for the quarter, representing the business of government, retail and financial services, was at Rs 133.3 crore, down 39% from Rs 220.9 crore in the corresponding quarter last year.

Mastek’s 12-month order backlog was Rs 212.7 crore ($33.4 million) as on June 30, 2015 and in constant currency stood at Rs 197.5 crore ($34 million) as compared to Rs 215.1 crore ($34.4mn) at the end of Q4FY15.

The company added five new clients during Q1FY16. Total client count as of end of June, 2015 was 69 (LTM) including clients of Indigo Blue Consulting acquired during the quarter.

Sudhakar Ram, Managing Director & Group CEO, Mastek, said: "The Indigo Blue acquisition is a significant addition to Mastek’s Agile delivery capabilities. We see synergies between Indigo Blue and Mastek in cross leveraging capabilities with their combined customer base. The LPT JV is well poised to deliver revenues, after the soft launch, in the next few quarters. Mastek’s revenue this quarter was steady, but we see growth happening over the second half of the year as optimism returns to UK market with the new government in place with a majority."