Mastek reported a 21.9 percent rise in net profit at Rs 18.3 crore for the quarter ended December 2013, compared with a net profit of Rs 15.1 crore in the previous quarter.
Sudhakar Ram, CMD & CEO says this quarter around 80 percent of the business came from strategic high-value, high-margin kind of business, both from the government and insurance business.
The company’s insurance pipeline continued to grow with good business from UK government. The company’s UK business grew quarter-on-quarter and he expects this to continue. However, there was a set back because of North American customers slowing down. He expects to make up for the revenue shortfall in a couple of quarters and get back on to growth momentum across all businesses.
Group CFO Farid Kazani said revenue for the quarter grew 1.5 percent to Rs 240 crore sequentially. In the same quarter, EBIDTA grew Rs 35.8 crore from Rs 28.9 crore.
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