Mastek has posted a net profit of Rs 6.5 crore in its first quarter ended September 30, 2012. The software services company, which follows a July-June financial year, had posted a loss of Rs 27.3 crore during the comparable quarter a year ago.
The company posted operating profit of Rs 18.1 crore (8 per cent of total income), compared with a loss of Rs 11.7 crore (-7.4 per cent of total income) in the first quarter a year ago.
On a sequential basis (quarter-on-quarter), Mastek’s net profit fell 70.8 per cent to Rs 6.5 crore from Rs 22.2 crore posted in the three month period ended June.
“Our insurance business in North America is gaining market share on the back of favourable analyst reports. The business in UK is also growing on the back of existing partner relationships. The order booking was lower this quarter, with a few critical deals shifting right, but we expect to make up for it in the coming quarter,” Mastek Chairman and Group CEO Sudhakar Ram said.
“Overall, the business outlook remains positive,” Ram said.
The company added four new clients during the reporting quarter, while its order backlog stood at Rs 421 crore. As on September 30, Mastek had a total of 3,277 employees, of which 73 per cent were based in India and the rest at various outside India.
The company’s employee count at the end of June 30 was 3,083 employees.
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