Mastek clocks a net profit of Rs 70 million
By Pradeep Rane | 13 Jul 2002
The total income has increased from Rs 202.90 million in JQ01 to Rs 350.50 million in JQ02. For the financial year ended 30 June 2002, it posted a net profit of Rs 255.80 million as compared to Rs 137.20 million for the financial year ended 30 June 2001.
The total income has increased from Rs 849.50 million in FY01 to Rs 1,059.60 million in FY02. The profits for the current financial year and the quarter are after charging an extra ordinary item of Rs 66.10 million on account of a provision for impairment of investment.
As per the consolidated results, the company’s net profits stood at Rs 169.50 million for the quarter ended 30 June 2002 as compared to a net loss of Rs 32.60 million for the quarter ended 30 June 2001. The total income has increased from Rs 651.10 million in JQ01 to Rs 855.30 million in JQ02.
For the full year, the net profits were at Rs 382.30 million as of 30 June 2002 as compared to Rs 84.40 million for the financial year ended 30 June 2001. The total income has increased from Rs 2,610.80 million in FY01 to Rs 2,880.90 million in FY02.
Commenting on the guidance for the year, Mastek’s Ashank Desai says: “Over the next few years we will be on an exciting journey — building a large IT services organisation. We will continue to build on the confidence and foundation that we have created last year. While uncertainties relating to the timing of the US economic recovery still remain over the next few years we see a substantial increase in IT budgets allocated to India-based outsourcing. All in all, compared to a year ago, we are now more optimistic about our next four-quarter performance.”
For FY2003, Mastek expects its group (excluding its share in joint ventures) revenues to increase by 38 per cent to 44 per cent and the net profit to increase by 35 per cent to 45 per cent over FY02. For FY03 Mastek expects its group (including its share in joint ventures) revenues to increase by 45 per cent to 50 per cent and the net profit to increase by 42 per cent to 52 per cent over FY02.
