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News >> Technology >>
Mastek slips into red
By siliconindia
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Tuesday, 14 October 2003, 19:30 IST
MUMBAI: Mastek Ltd`s bottom-line slipped into the red, as the software player posted a net loss of Rs 90.2 lakh for the quarter ended September 30, 2003, compared to a net profit of Rs 10.2 crore for the quarter ended September 30, 2002.
Total Income has decreased from Rs 34.16 crore in the quarter ended September, 2002 to Rs 24.53 crore in the quarter ended September 30, 2003.
Consolidated results
The group has posted a net profit of Rs 3.03 crore for the quarter ended September 30, 2003, compared to Rs 15.25 crore for the quarter ended September 30, 2002, which represents a decline of 80.13 per cent. Total income has decreased from Rs 91.63 crore in the quarter ended September quarter of 2002 to Rs 91.39 crore in the quarter ended September 30, 2003.
Commenting on the business outlook, Ashank Desai, the chairman said, `We continue to invest in sales and marketing efforts and alliances. This has resulted in us bidding for large size orders in strategic accounts. Over the last one year, off-shore strength of our professionals has grown by almost 100 per cent. Although stabilized, pricing pressures still remain on the horizon. We are, therefore, cautiously optimistic about future quarters.`