On a yearly basis, business in the US had declined by over 40 per cent. However, the company is growing at a similar pace in Europe
The Rs 261 crore Mastek Group announced lacklustre results for the first quarter ended September 2001. Total operating revenues of Rs 63.95 crore declined by 1.8 per cent on a sequential basis and 6.7 per cent compared to the first quarter of the last fiscal.
The group, which has wholly owned subsidiaries in USA, UK, Singapore, Malaysia and Germany, derives a substantial portion of its revenues from Europe.
Ashank Desai, chairman and managing director, Mastek Group spoke to Gaurav Dua about the impact of the September 11 attacks and the performance of the company.
What has been the impact of the terrorist attacks on the Indian IT industry in general and Mastek in particular?
This is a time for introspection for the domestic software industry. Although the events on September 11 did not have any direct impact on us, the increased uncertainty is another blow to the already deteriorating US economy.
So, there will definitely be some impact on the domestic industry. It is already reflected in the revenue growth from our US operations. On a yearly basis, business in the US had declined by over 40 per cent. However, the company is growing at a similar pace in Europe.
There haven
