Insight Online News
Mumbai, Jan 20 (UNI) Digital engineering and cloud transformation specialist Mastek on Thursday said it has reported a 18.7 per cent increase in consolidated net profit for the quarter ended December 31, 2021 at Rs 83.5 crore on the back of higher revenues.
The company had reported a PAT of Rs 70.3 crore in the corresponding period last fiscal.
Its revenues from operations during the October-December, 2021 quarter stood at Rs 551.9 crore, up 24.6 per cent from Rs 442.9 crore in Q3 FY 2021, the company said in a statement issued here.
“We have delivered consistent revenue and order book growth with robust performance across geographies in Q3FY22. Our account mining and integrated solutioning efforts have led to revenue growth in our strategic bets including health and life sciences and our data/ automation and Oracle cloud services,” Mastek Global Chief Executive Officer Hiral Chandrana said.
He further said the company had a strong deal momentum which is reflected in its 12 months order backlog of USD 171 million, at the end of December 2021.
“As part of our Strategic Vision 2025 that will drive accelerated growth over the next three years, we have onboarded two new global executives, one to lead marketing and partnerships and another for innovation and platforms as we continue to deliver differentiated business value for our clients across digital and cloud programs,” Chandrana said.
The company added 25 new clients in Q3FY22. Total active clients during Q3FY22 was 421 as compared to 447 in Q2FY22, it said.
As on December 31, 2021, the company had a total of 4,785 employees, of which 3,581 employees were based offshore in India while the rest were at various onsite locations.
Employee count at the end of September 30, 2021 was 4,510.
“Q3FY22 is another quarter where we demonstrated resilience of our business and delivered a strong financial performance. We reported operating revenue of Rs 551.9 crores, a growth of 24.6 per cent on Y-o-Y basis, reinforcing the strong fundamentals of our business in a seasonally weak quarter,” Masytek Global Chief Financial Officer Arun Agarwal said.
Despite industry wide challenges driven by high attrition, investment in talent retention and lateral hires, we have been able to maintain a healthy operating EBITDA margin at 21.1 per cent, he noted.
“I am pleased with increasing average deal size in the UK and other geographies. We are confident that our next-gen capabilities, sectoral expertise and client mining strategy are well placed to ensure the velocity at which we grow, add value to our customers and maximize value for our shareholders,” Agarwal added.