Processing .....please wait.. 
The article has been forwarded.... 
News >> Technology >>
Mastek Group Q1 up 43 %
By siliconindia
|
Thursday, 10 October 2002, 19:30 IST
BANGALORE: The Mastek Group today announced a total income of 
91.63 crores for the first quarter ended September 30, 2002, as against 63.95 crores achieved during the quarter ended September 30, 2001 registering a growth of 43 percent. Net profit for the quarter stood at 15.25 crores against 4.11 crores achieved during the corresponding quarter in the previous year. The total income in the immediate preceding quarter ended 30 June 2002 stood at Rs90.05 crores while Net profit was placed at 20.43 crores.
The Unaudited Results were taken on record at the Board Meeting held on October 9, 2002 the Group International Revenues for the quarter were 87.91 crores as compared to 62.74 cr. achieved during the corresponding quarter last year, which was led by growth of 44 percent in the European operations and 19 percent in the US operations.
Commenting on the performance, Ashank Desai, chairman and managing director, said, "Due to our focused efforts as well as growing interest in Indian offshore market, we continue to be successful and on target as regards acquisition of strategic clients. The challenge, however, is to grow these accounts, particularly in the light of sluggishness in their IT budget increases. Inspite of this, we are confident of achieving our annual goals."
"Presently, US contributes 26 percent while Europe contributes 60 percent to the group revenue. In the US, the pace at which the account progression takes place, will be the key driver for growth this year," he said.
During the quarter, Mastek billed sixteen additional customers. Mastek's repeat business stood at 96 percent. The acquisitions of nine new customers in the quarter have been in the Airline, Insurance and Retail space, the company announced. A prominent and key client acquisition during the quarter include a FTSE 100 and FT Global 500 UK based organization that provides financial services and Insurance products along with funds management services through its various businesses spread across Europe, US and Asia.
Besides the new customer acquisitions, there has been a satisfactory ramp up in at least two strategic accounts in the US, which were acquired during the past two quarters, the company claimed.
91.63 crores for the first quarter ended September 30, 2002, as against 63.95 crores achieved during the quarter ended September 30, 2001 registering a growth of 43 percent. Net profit for the quarter stood at 15.25 crores against 4.11 crores achieved during the corresponding quarter in the previous year. The total income in the immediate preceding quarter ended 30 June 2002 stood at Rs90.05 crores while Net profit was placed at 20.43 crores.
The Unaudited Results were taken on record at the Board Meeting held on October 9, 2002 the Group International Revenues for the quarter were 87.91 crores as compared to 62.74 cr. achieved during the corresponding quarter last year, which was led by growth of 44 percent in the European operations and 19 percent in the US operations.
Commenting on the performance, Ashank Desai, chairman and managing director, said, "Due to our focused efforts as well as growing interest in Indian offshore market, we continue to be successful and on target as regards acquisition of strategic clients. The challenge, however, is to grow these accounts, particularly in the light of sluggishness in their IT budget increases. Inspite of this, we are confident of achieving our annual goals."
"Presently, US contributes 26 percent while Europe contributes 60 percent to the group revenue. In the US, the pace at which the account progression takes place, will be the key driver for growth this year," he said.
During the quarter, Mastek billed sixteen additional customers. Mastek's repeat business stood at 96 percent. The acquisitions of nine new customers in the quarter have been in the Airline, Insurance and Retail space, the company announced. A prominent and key client acquisition during the quarter include a FTSE 100 and FT Global 500 UK based organization that provides financial services and Insurance products along with funds management services through its various businesses spread across Europe, US and Asia.
Besides the new customer acquisitions, there has been a satisfactory ramp up in at least two strategic accounts in the US, which were acquired during the past two quarters, the company claimed.