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Mastek Group Q3 income up 37%
By siliconindia
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Monday, 14 April 2003, 19:30 IST
BANGALORE: The Mastek Group Monday announced a total income of 
99.06 crores for the ended March 2003. This is a 37% increase over 72.54 crores in the year ago period.
The company recorded a net profit of 16.03 crores against 11.03 crores for the corresponding quarter in the previous year. The Group International Revenues for the nine months ending March 31, 2003 were 278.43 crores, an increase of 42% over 195.97 crores in the corresponding period last year, which was led by growth of 49% in the US operations and 33% in the European operations.
Commenting on the company's performance, Ashank Desai, chairman and managing director said, "Although the performance during the last quarter appeared satisfactory in terms of profit objectives, past couple of weeks have been quite challenging for us. Based on the performance during these weeks, we feel that Apr-Jun quarter performance will not fall in line with our growth momentum of the past 6 quarters. Apart from factors like our dependence on simultaneous ramp-ups of project-based business from large percentage of customers and normally probable competitive losses, there were also a few surprises in terms of decision postponements & order -size reductions. Lengthening internal decision processes & focus on short-term performance partly caused by economic & other external uncertainties are some of the main factors leading to these developments. In short, from the Revenue perspective, many of the strategic customers are not ramping up as fast as we expected."
99.06 crores for the ended March 2003. This is a 37% increase over 72.54 crores in the year ago period.
The company recorded a net profit of 16.03 crores against 11.03 crores for the corresponding quarter in the previous year. The Group International Revenues for the nine months ending March 31, 2003 were 278.43 crores, an increase of 42% over 195.97 crores in the corresponding period last year, which was led by growth of 49% in the US operations and 33% in the European operations.
Commenting on the company's performance, Ashank Desai, chairman and managing director said, "Although the performance during the last quarter appeared satisfactory in terms of profit objectives, past couple of weeks have been quite challenging for us. Based on the performance during these weeks, we feel that Apr-Jun quarter performance will not fall in line with our growth momentum of the past 6 quarters. Apart from factors like our dependence on simultaneous ramp-ups of project-based business from large percentage of customers and normally probable competitive losses, there were also a few surprises in terms of decision postponements & order -size reductions. Lengthening internal decision processes & focus on short-term performance partly caused by economic & other external uncertainties are some of the main factors leading to these developments. In short, from the Revenue perspective, many of the strategic customers are not ramping up as fast as we expected."