Mastek has dipped 6% to Rs 143 in otherwise firm market on BSE after the IT software products maker said the company’s revenue of the North American business may be impact due to a major customer is reprioritizing its multi-vendor transformation program.
“While the company is yet to receive an official intimation from the client, the replanning by the customer is likely to result in the work being put on hold and as a result impact the revenue of the North American business,” Mastek said in a regulatory filing.
The company is engaged in discussions with the customer to better understand their plans and the impact of the pending changes on the company's plans - a clear picture is expected to emerge in next six to eight weeks.
Mastek continues to have a strong relationship with the customer and company's solution continues to have customer’s confidence. The company continues to see good momentum in its insurance business in North America and is expecting key wins in the next few months, it added.
“While the company is yet to receive an official intimation from the client, the replanning by the customer is likely to result in the work being put on hold and as a result impact the revenue of the North American business,” Mastek said in a regulatory filing.
The company is engaged in discussions with the customer to better understand their plans and the impact of the pending changes on the company's plans - a clear picture is expected to emerge in next six to eight weeks.
Mastek continues to have a strong relationship with the customer and company's solution continues to have customer’s confidence. The company continues to see good momentum in its insurance business in North America and is expecting key wins in the next few months, it added.
