IT solutions provider Mastek today reported a 9 per cent decline in its net profit to Rs 5.86 crore for the March quarter.
The company had posted a net profit of Rs 6.44 crore for the corresponding period last fiscal, it said in a BSE filing.
Total income from operations also declined by over 54 per cent to Rs 124.25 crore for the quarter under review compared with Rs 276.11 crore in the same period a year ago.
The company's Board approved the acquisition of 100 per cent stake in Cashless Technologies India Private for Rs 1 lakh and now it will be a subsidiary of Mastek on completion of necessary formalities.
Cashless Technologies was incorporated on February 2, 2016, by Sudhakar Ram, MD and Group CEO of Mastek and Hiren Shah, senior Vice President, Mastek.
"Currently, the paid up share capital of Cashless Technologies is Rs 1 lakh and Mastek is acquiring 100 per cent shareholding in Cashless Technologies on payment of Rs 1 lakh in aggregate to Sudhakar Ram and Hiren Shah," the filing said.
The Board has also appointed Abhishek Singh as CFO of Mastek, with effect from September 17, 2016.
Singh will replace Jamshed Jussawalla, who will be superannuating.
