Mastek hits new high on healthy June quarter results – Business Standard

Shares of rose 4 per cent to hit a new high of Rs 2,600 on the BSE in Tuesday’s intra-day trade as the firm reported a healthy set of June quarter (Q1FY22) numbers. The company’s dollar revenues increased 6.5 per cent quarter-on-quarter (QoQ) to $70.2 million. In constant currency terms, revenue grew 4.3 per cent. Rupee revenue increased 6.9 per cent QoQ to Rs 516.5 crore.

Ebitda (earnings before interest, taxes, depreciation, and amortisation) margins were flat QoQ at 21.8 per cent. Profit after tax (PAT) increased 14.4 per cent QoQ to Rs 69.3 crore. The management said despite an increase in costs due to onshoring, promotions and investments in talents during the quarter, the company has been able to maintain a healthy operating Ebitda margin.

The company said its 12-month order backlog was Rs 1,177.7 crore ($158.4mn) as on Q1FY22 as compared to Rs 1,130.4 crore ($154.6mn) in Q4FY21, reflecting a growth of 4.2 per cent in rupee terms and 2.1 per cent in constant currency terms, sequentially.

The company has seen a healthy deal pipeline and hiring has increased by 510 indicating healthy revenue visibility. Hence, analysts expect to report healthy revenue growth in the coming quarters.

In the past six months, the market price of has more than doubled and zoomed 120 per cent, as against a 4.6 per cent rise in the S&P BSE Sensex. At 11:47 am, the stock was trading 1 per cent higher at Rs 2,514 on the BSE, as compared to a 0.85 per cent decline in the benchmark index. A combined 390,000 shares had changed hands on the counter on the NSE and BSE so far.

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