Masket Q2 numbers disappoint; IT firms struggling: Mayuresh Joshi

In a chat with ET Now, Mayuresh Joshi, Fund Manager, Angel Broking, talks about the poor set of numbers from IT firm Mastek.

ET Now: What is your view on Mastek's second quarter numbers?
Mayuresh Joshi: The numbers were clearly disappointing. Even in the first quarter, the performance was not encouraging at all.
If you look at larger IT peers, even they are struggling to mine new clients. Even if they are getting clients, mining orders and margins are posing a big question.

Given the headwinds faced in Q2FY16 and considering Q3FY16 is expected to have lesser working days and while client budgeting coming through in Q4, I think if the larger ones are not able to perform, the smaller niche players will struggle as well.

Clearly, it has been a horrendous set of numbers for Mastek. The market is now punishing any weak set that probably comes through.