Mastek profits grow by 22%

MUMBAI: For the year ended June 30, 2003, Mastek Group registered a total income of Rs. 380.2 crores for the year ending June 2003, an increase of 30% over Rs. 292.6 crores for the previous year. Its net profit for the twelve months period stood at Rs. 50.5 crores as compared to Rs. 41.4 crores in the previous year, an increase of 22%.

For the quarter ended June 30, 2003, the total income of Mastek Group stood at Rs. 92.1 crores as compared to Rs. 99.1 crores for the quarter ending March 2003 and Rs. 90.1 crores for the quarter ending June 2002. Its

-- Net profit for the quarter stood at Rs.3 crores as against Rs. 16

crores for the quarter ending March 2003 and Rs. 20.4 crores for the

quarter ending June 2002. This includes Rs. 1.5 crores of expenses

incurred on its BPO operations.

Outlook for 2004

-- Mastek expects its consolidated group Income to grow to Rs. 460 crores

while its Net profit will be Rs. 35 crores during 2004.

Commenting on the performance Mr.Ashank Desai, Chairman and Managing

Director, said 'We saw a significant increase in the order flow this

quarter, as compared to the last quarter. Some of them were large and

long term annuity type engagements. However, we have seen a sustained

margin pressure on the new deals.'