Mastek Q3 consolidated net up 37%

The Mastek group has reported a 37.33% increase in consolidated net profit at Rs 13.76 crore for the third quarter ended March 31, 2005 when compared with Rs 10.02 crore in Q3FY04.

According to a release issued by the company to the BSE, total consolidated income increased to Rs 150.11 crore from Rs 117.46 crore in the corresponding quarter of the previous fiscal.

Mastek, on a stand-alone basis, has posted a net profit of Rs 12.40 crore for the quarter ended March 31, 2005 as against Rs 5.77 crore in the quarter ended March 31, 2004.

Total Income increased from Rs 34.26 crore in Q3FY04 to Rs 89.62 crore in the quarter ended March 31, 2005, the release added.

For the April-June 2005 quarter, Mastek expects group income to be in the range of Rs 152-157 crore, and net profit to be in the range of Rs 14.25-15.25 crore, the release added.

Commenting on the business outlook, Ashank Desai, chairman of Mastek, said: "During the past six to seven quarters, our efforts have been towards delivering a predictable growth. For the last four quarters, our guidance & results is an indicator of the trend. We will continue our endeavour in this direction.

"While it is good that our core business in the US has turned the corner, we are dissatisfied with our growth rate in the US. We have, therefore, decided that Sudhakar Ram will shift to the US for a few years to provide thrust to our growth in US."