Mastek, Aztec report robust profits

By agencies   |   Thursday, 13 April 2006, 07:00 Hrs
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MUMBAI: Tier two IT services firm, Mastek Ltd has posted a 25.4 percent increase in its consolidated net profit for the third quarter ended March 31, 2006 at $3.93 million compared to $3.1 million in the corresponding quarter previous fiscal.

Income for the company during the reporting quarter increased 19.6 percent to $40.79 million compared to $34.11 million in the same period last year, the company said in a release here today.

"The rise is a result of faster growth in revenues than costs and also an increase in manpower utilization by one percent," a company official said.

During the quarter, Mastek billed three additional customers. The first was with a Fortune 500, top 10 global insurance major in helping them manage their channels in Asia. The second engagement, which saw a ramp up to a million dollar in this quarter itself, was in their area of new business acquisition.
In the Asia Pacific region, Mastek commenced an assignment with a Thailand-based commercial bank during the quarter.

During the quarter, Mastek U.K. signed a partnership agreement with Euriware of France, a consulting and IT services major and a wholly owned subsidiary of energy group Areva, to jointly win business in France and create a dedicated software development center in India.

Meanwhile Mumbai based Aztec Software and Technology Services Ltd (Aztec) posted a 60 percent increase in its consolidated net profit at $2.39 million for the fourth quarter ended March 31, 2006.

The consolidated revenue of the company (including its subsidiaries) for the quarter ended March 31, 2006, grew 52 percent at $12.4 million in the year-ago period, the company informed the National Stock Exchange.

The Board has decided to pay a dividend of 20 percent, which would be subjected to shareholders approval, it said.

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