Mastek records double-digit growth in PAT and revenue in Q3FY22 on year-on-year basis; Stock dives nearly 11%

20 Jan 2022 , 02:03 PM

Mastek posted a consolidated net profit of Rs83.5cr in the quarter ending December 2021 (Q3FY22) rising by 18.7% yoy and 2,4% qoq. Consolidated revenue from operations were at Rs551.9cr in Q3FY22 up by 24.6% yoy and 3.4% qoq. In constant currency, revenue growth was at 20.9% yoy and 3.7% qoq.

Hiral Chandrana, Global Chief Executive Officer, Mastek, said: “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 & Oracle Cloud services. We had strong deal momentum which is reflected in our 12 months order backlog of US$171 mn end of December 2021. As part of our Strategic Vision 2025 that will drive accelerated growth over the next 3 years, we have onboarded 2 new global executives, one to lead Marketing & Partnerships and another for Innovation & Platforms as we continue to deliver differentiated business value for our clients across digital & cloud programs.”

Arun Agarwal, Global Chief Financial Officer, Mastek, said: “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% on Y-o-Y basis, reinforcing the strong fundamentals of our business in a seasonally week quarter. Despite industry wide challenges driven by high attrition, investment in talent retention and lateral hires, we have been able to maintain healthy operating EBITDA margin at 21.1%. I am pleased with increasing average deal size in the UK and other geographies.”

Agarwal added, “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.”

At around 1.57 pm, Mastek was trading at Rs2879 per piece down by Rs339.50 or 10.55% on Sensex. The stock has touched an intraday high and low of Rs3000 per piece and Rs2750 per piece respectively.