Mastek net up 19% in Q4
Mumbai-based software services firm Mastek on Monday reported a net profit of Rs 20.6 crore for the fourth quarter ending June 30, ’06 a growth of 19.1% compared to previous quarter profits of Rs 17.3 cr.
By TNN |
MUMBAI: Mumbai-based software services firm Mastek on Monday reported a net profit of Rs 20.6 crore for the fourth quarter ending June 30, ’06 a growth of 19.1% compared to previous quarter profits of Rs 17.3 cr. Mastek reported annual net profit of Rs 69.1 cr for the fiscal year ending June 30, ’06 registering an increase of 29% over Rs 53.5 cr, last year.
Speaking on the occasion, Mastek CEO Sudhakar Ram said, “Our strategy of focusing on solution and the domains of insurance and government is paying off. Moreover in the last quarter timely completion of projects enabled us to increase our gross margins.”
Mastek total income was Rs 193.4 cr for Q4 as compared to Rs 179.5 cr for Q3, a growth of 7.7%. The growth in total income was 24% when compared to corresponding quarter revenues Rs 155.9 cr, last . The company’s annual income stood at Rs 701.1 cr for the year ending June ’06, an increase of 22% over Rs 576.6 cr for the previous year.
Jamshed Jussawala, CFO, Mastek, “Overall the year was as per expectations. The revenues from the insurance vertical grew by 43% on an annualised basis and constitutes 25% of the revenues. In addition, the US-based business also registered a 40% growth, contributing to rise in profits for FY06.”
As on June ’06, Mastek had an order book of Rs 382 cr to be executed over the year, which is marginally more than revenues for January-June ’06. During the year, Mastek commissioned its second development centre in Pune, admeasuring 55,000 sq ft. The group incurred capital expenditure of Rs 38.7 cr during the year, which was completely financed from internal accruals.
During the year, Mastek Group’s cash and cash equivalent increased by 34% and stood at Rs. 148.2 cr as on June 30, ’06 as against Rs 110.6 cr as on June 30, ’05. This increase in cash and cash equivalents was after incurring capital expenditure of Rs. 38.7 cr during the year ’05-06.
The Board of Directors recommended a final dividend of Rs 3.50 per share (70% on par value of Rs 5 per share, after 1:1 bonus).
Speaking on the occasion, Mastek CEO Sudhakar Ram said, “Our strategy of focusing on solution and the domains of insurance and government is paying off. Moreover in the last quarter timely completion of projects enabled us to increase our gross margins.”
Mastek total income was Rs 193.4 cr for Q4 as compared to Rs 179.5 cr for Q3, a growth of 7.7%. The growth in total income was 24% when compared to corresponding quarter revenues Rs 155.9 cr, last . The company’s annual income stood at Rs 701.1 cr for the year ending June ’06, an increase of 22% over Rs 576.6 cr for the previous year.
Jamshed Jussawala, CFO, Mastek, “Overall the year was as per expectations. The revenues from the insurance vertical grew by 43% on an annualised basis and constitutes 25% of the revenues. In addition, the US-based business also registered a 40% growth, contributing to rise in profits for FY06.”
As on June ’06, Mastek had an order book of Rs 382 cr to be executed over the year, which is marginally more than revenues for January-June ’06. During the year, Mastek commissioned its second development centre in Pune, admeasuring 55,000 sq ft. The group incurred capital expenditure of Rs 38.7 cr during the year, which was completely financed from internal accruals.
During the year, Mastek Group’s cash and cash equivalent increased by 34% and stood at Rs. 148.2 cr as on June 30, ’06 as against Rs 110.6 cr as on June 30, ’05. This increase in cash and cash equivalents was after incurring capital expenditure of Rs. 38.7 cr during the year ’05-06.
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The Board of Directors recommended a final dividend of Rs 3.50 per share (70% on par value of Rs 5 per share, after 1:1 bonus).
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