Mastek Q4 net rises 23.11 per cent

IT major Mastek has posted a 23.11 per cent net profit of Rs 15.55 crore in fourth quarter ended June 30, 2006, compared with Rs 12.63 crore recorded during the comparable period of a year ago.

The company's total income during the quarter under review rose to Rs 118.05 crore, an increase of 37.86 per cent from Rs 85.63 crore recorded during the same quarter a year ago.

For the full year ended June 30, Mastek has posted a 3.98 per cent rise in net profit at Rs 49.26 crore, compared with Rs 47.37 crore recorded during the same period of previous fiscal.

The company's total income rose to Rs 401.44 crore, a 52.27 per cent rise, from Rs 263.63 crore recorded during the comparable 12-month-period, the company informed the Bombay Stock Exchange.

Mastek also said that the figures for the year ended June 30 are not comparable with the corresponding year's as the company had changed its business model for UK operations, effective January 1, 2005.

The revenue earned and cost incurred by the company for executing such project is included in the results of the current year as against the numbers for only two quarters during corresponding previous year.

Meanwhile, Mastek said it posted a net profit of Rs 20.6 crore during the June quarter, an increase of Rs 40.1 per cent, compared with a net profit of Rs 14.7 crore. It's total income during the quarter rose to Rs 193.4 crore, up by 24.1 per cent, compared with Rs 155.9 crore recorded during the comparable period.

The group's net profit for the 12-month-period stood at Rs 69.1 per cent, up by 29 per cent, over Rs 53.5 crore recorded in previous year, while total income for the full year rose 22 per cent to Rs 701.1 crore, compared with Rs 576.6 crore recorded during the 12-month comparable period.

The company's board recommended a final dividend of Rs 3.50 per share, or 70 per cent, which includes an interim dividend of Rs 3 per share (60% on par value of Rs 5 per share). This increases the total dividend for the year to Rs 6.50 per share, or 120 per cent on par value of Rs 5 per share.