Mastek Q1 net up 23%

Mastek today reported a 23.51% increase in consolidated net profit at Rs 15.02 crore for the first quarter ended September 30, 2005 as against Rs 12.16 crore in Q1FY05.

According to a release issued by the company to the BSE today, total income moved up to Rs 153.09 crore in Q1FY06 from Rs 130.55 crore in Q1FY05.

"With effect from January 1, 2005, the company has changed its business model for the UK operations. Consequently, the company has started executing on-site projects in the UK, which were earlier executed by its subsidiary. The revenue earned and cost incurred by the company for executing such projects is included in the results of the current quarter. Hence, the figures for the previous periods are not comparable," the release added.

Giving an outlook for the October-December 2005 quarter, another release said group income is expected to be in the range of Rs 159-164 crore, and net profit after tax and minority interest to be in the range of Rs 15.30-16.30 crore.

Ashank Desai,chairman of Mastek, said: "We expect a growth of around 4-7% in the next quarter. However, given our current pipeline, the growth rate should see a significant increase in the quarters ahead."