Mastek announces record revenues for Q1

BANGALORE: Mastek Limited has announced record results for the first quarter ending September 1999. It has posted a group revenue of Rs 60.85 crore, an increase of 83 per cent over the same quarter last year. The group export revenue grew by 86 per cent over the same quarter last year. Mastek recorded a profit after tax of Rs 5.72 crore. E-commerce accounted for 8 per cent of the business in US.

Commenting on the record performance, Mastek, chairman and managing director Ashank Desai said,"The record results and the very fast pace of growth is a vindication of our business strategy of globally investing in subsidiaries and supporting the global growth though investments in the world class offshore development centers. Mastek has always spotted opportunities ahead of its time. The same holds true in the case of CRM practice, an area which we entered three years back. Our foresight in spotting the trend early is now paying rich dividends. Also our focus on the lucrative US and European markets is now paying off."