In an interview to CNBC-TV18, Farid Kazani, Group Chief Financial Officer & Director Finance, Mastek speaks about the company's plans growth its businesses overseas.
Group CFO and Director Finance, Farid Kazani of Mastek says that the quarterly results were disappointing on the back of completion of projects in UK. Foreseen ramp down in operations also resulted in a drop in revenues.
Explaining the rationale of this buy back Farid Kazani, Group CFO & Director Finance, Mastek told CNBC-TV18, the company is in comfortable cash flow position and feel that this is good way to deploy that cash.
In an interview with CNBC-TV18, Farid Kazani, group chief financial officer of Mastek said, in Q4, the bottom-line has been pretty flat. He further said, both the revenue and the bottom-line got impacted because of the ramp down in the Capita deal. That, he said, is going to continue going forward.
Mastek recently won an eight million pound multi-year order which will boost the business. Fareed Kazani, group Chief Financial Officer & Director Finance says that he is expecting the order to be delivered by June 2012, after which the company has hopes of expanding its business.
If reports are believed, the UIDAI project is likely to introduce one of the largest IT contracts worth many a crore. As one of the IT firms that have qualified and empanelled for the UIDAI, Mastek says that the project is big, but as large as reported, however, it sees a lot of scope “over a period of time.”