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Mascot Q1 net profit at Rs 8 cr

Our Bureau

BANGALORE, July 19

MASCOT Systems has reported sequential growth in revenues and profit after tax (PAT) for the first quarter of financial year 2003, though year-on-year the figures for this quarter are lower.

Revenues in Q1 of financial year 2003 grew by 3.4 per cent to Rs 90.9 crore from the previous quarter's Rs 87.9 crore. PAT was Rs 8.06 crore (Rs 7.79 crore). The net profit includes a provision of Rs 35 lakh towards taxes.

Year-on-year, there has been a dip in revenues from Rs 110.6 crore in the June quarter 2001 to Rs 90.9 crore in Q1 2003. Net profits too were lower than Rs 13.16 crore last year.

``Q1 of financial year 2003 has been an encouraging period, characterised by a healthy pipeline of client engagements and strong growth across key operating parameters,'' said Mr Gerhard Watzinger, CEO.

The growth during the quarter has come from an expansion in earnings margins, said the company. Operating margin increased by 9 per cent as against 7 per cent last quarter. Profitability margins have improved because of "implementation of various efficiency led initiatives" according to Mr Watzinger.

Mascot has added on 81 people and offshore utilisation has improved to 72 per cent. Fifteen new clients have been added. Forty nine per cent of revenues came from fixed price projects.

GE remained the largest customer, accounting for 52 per cent of total revenues (55 per cent last quarter).

The company recently entered China through a partnership with Haihui Sci-Tech to execute offshore development projects in China. It plans to leverage local business strengths to target international organisations planning development centres in China. Later, it also plans to explore local business opportunities.

``The entry into China has provided Mascot a strategic access route and critical resources in the Chinese market,'' said the company.

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