Mastek hits 52-week high on strong Q3 results

The stock soared 11% to Rs 194, also its 52-week high on the BSE in intra-day trade.

Shares of Mastek soared 11% to Rs 194, also its 52-week high on the BSE in intra-day trade, after the company reported a strong 46.8% quarter on quarter (Q-o-Q) growth in consolidated net profit at Rs 11.23 crore for the third quarter ended December 31, 2016 (Q3FY17), driven by improvement in operational efficiencies and tax expenses.

IT software Products Company had profit of Rs 7.65 crore in September quarter. It had profit of Rs 79 lakh in Q3FY16.

In rupee term, the operating income was flat at Rs 126 crore and an increase of 6.9% in constant currency terms. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) margin improved 136 basis points to 12.1% in Q3FY17.

“The company has 12-month order backlog of Rs 227 crore in Q3FY17 as compared to Rs 220 crore at the end of Q2FY17,” Mastek said in a press release.

At 03:04 pm; the stock was up 9% at Rs 192 on the BSE. The trading volumes on the counter jumped more than 10-fold with a combined 4.83 million shares changed hands on the BSE and NSE so far.