Mastek Q3 slips 1.9% to Rs 26 cr

IT firm Mastek on Tuesday said it has posted a 1.9 per cent decline in net profit to Rs 26 crore in December 2019 quarter.

The company had registered a net profit of Rs 26.5 crore in the year-ago period, Mastek said in a statement.

Its total income fell 6.6 per cent to Rs 253.2 crore in the quarter under review as compared to Rs 271 crore in the October-December 2018 quarter, it added.

The company added nine new clients in the said quarter and its total client count stood at 143.

Mastek's 12-month order backlog was Rs 471 crore as on December 31. It was Rs 626.5 crore in the second quarter of FY20, the statement said.

The company had a total of 1,880 employees of which 1,155 employees were based offshore in India, while the rest were at various onsite locations.

"...we have delivered a flat quarter-on-quarter performance in rupee terms despite the continued macro challenges in our core market of the UK and overall, our ability to maintain our quality of earnings gives me confidence that as we return to grow in Q4, we will be able to continue to expand our margins," Mastek CEO John Owen said.

Demand from the UK government continues to remain strong and the UK market reported a modest growth of 1.4 per cent for the company, he added.