 "AI")
Shares of Mastek rallied 15 per cent to Rs 2,972.65 on the BSE in Friday’s intra-day trade after the company informed the stock exchanges that it advanced it's icxPro platform with NVIDIA AI Enterprise to boost customer experience (CX) solutions powered by AI.
The platform, leveraging NVIDIA's accelerated computing, reduces customer response time from days to seconds and has shown a 20 per cent ROCE in manufacturing, with massive potential in the BFSI and Healthcare sectors.
Key features include superior CX management, faster time to market, and enhanced customer engagement. Mastek aims to scale icxPro to drive long-term business sustainability across various industries.
Mastek’s icxPro was recently implemented at Fortive (in the client’s Business Plan-driven solution exercise with Digital Hack 2023), an American industrial technology conglomerate significantly reducing its customer response time from a 3-to-7-days range to a second. Mastek’s generative AI-backed insight engine transformed processed data and provided real-time updates on the availability of obsolete spare parts, the company said in press release.
At 09:48 am; Mastek was trading 11 per cent higher at Rs 2,871.90, as compared to 0.46 per cent rise in the BSE Sensex. The trading volumes at the counter jumped over 10-fold, with a combined 750,000 equity shares changing hands on the NSE and BSE. In the past three days, the stock has zoomed 32 per cent. It had hit a 52-week high of Rs 3,147 on February 16, 2024.
Meanwhile, in the March 2024 quarter (Q4FY24), Mastek registered it’s highest-ever 12-month order backlog, which stood at Rs 2,168.4 crore ($260 million), up 15.4 per cent year-on-year in constant currency (CC) terms.
More From This Section
The company expects FY25 revenue growth to beat FY24 organic revenue growth, which was nearly 12.5-13 per cent and aspires to achieve EBITDA margin of 17-18 per cent over the short to medium term. Brokerage firm Sharekhan believes the company is well placed to achieve industry-leading growth, given the robust 12-month order backlog, healthcare growth in the US and progress in the UK public sector.
The company reported muted performance in Q4FY24 on account of three specific client situations. However, the company is confident of recovery in Q1FY25. The lead indicators of order backlog reflecting demand and deal momentum remain strong, providing strong revenue visibility, the brokerage firm had said in Q4 result update. It maintains Buy with a revised price target of Rs 3,150 per share.
