Mastek Q1 net at Rs 4.4 cr; acquires UK firm for Rs 22 cr

Mid-sized information technology company Mastek today reported a post tax net of Rs 4.4 crore and also announced acquisition of UK-based agile consulting company for Rs 22.38 crore.
The Ahmedabad-headquartered company, which demerged its insurance and services business earlier, said results for the quarter cannot be compared with last year's performance as the hived-off business accounted for over half of revenues.
It reported operating revenues of Rs 133.3 crore for the April-June period, as against 220.90 in the year ago period.
Mastek said it fully acquired IndigoBlue Consulting during the reporting period for GBP 2.25 million or Rs 22.38 crore.

Chief Financial Officer Jamshed Jussawalla said the acquisition of the programme management company which works with clients on their IT strategies and transformation will help it over long-term.
Declining to share revenue guidance, Jussawalla said the UK, which contributes 95 per cent of its revenues, remains positive for the company and added that he expects a pick-up in the second half of the fiscal.

At present, it serves the government, retail and financial services sectors, he said, adding that the company plans to de-risk by concentrating on regions beyond UK over long-term.
Meanwhile, on domestic listing of the demerged entity, Majesco, Mastek's senior vice president Anant Thakrar said it has applied to capital markets regulator Sebi through the stock exchanges and expects Majesco to be listed in first fortnight of August.

Under the plan of the demerger, shareholders of Mastek were given one share of the newly created Majesco.
The Mastek scrip gained 3.77 per cent to Rs 195.30 a piece on BSE.