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Mastek Q4 net up at Rs 6.87 cr

Our Bureau

Mumbai , July 14

MASTEK Ltd has reported a marginal increase in net profit at Rs 6.87 crore for the fourth quarter ended June 30, 2004, over the net profit of Rs. 6.73 crore reported during the corresponding quarter of the previous year.

Total income rose to Rs 37.96 crore up from Rs 31.54 crore.

But better results could not annul the poor performance during the first two quarters, so that for the year ended June 30, Mastek has reported a 66.5 per cent drop in net profit to Rs 12. 74 crore from Rs 38.08 crore.

Total income also fell to Rs 123.8 crore from Rs 135.8 crore.

The Mastek group (including wholly owned subsidiaries overseas and income from its joint ventures) has also reported a fall in net profit by 41.2 per cent to Rs 29.57 crore for the year, from Rs 50.31 crore the previous year.

The Chairman and Managing Director, Mr Ashank Desai, said that the fall was in keeping with the guidance issued by the company earlier during the financial year under review.

"Pricing margins during the first two quarters were going down, and in addition, there was a lot of uncertainty with respect to some of the projects with the company."

He added that the margins for the last two quarters improved, standing at about 10 per cent.Group total income rose eight per cent during the year to Rs 410 crore (Rs 379 crore). However, a large increase in staff costs to Rs 243 crore from Rs 199.86 crore as well as higher depreciation brought down the net profit for the company.

Looking ahead, the company has contracts worth Rs 272 crore in its books, said Mr Desai.

The company is also concentrating on the banking and insurance verticals.

Revenue from the insurance vertical services has risen from 34 per cent of total revenues the previous year to 45 per cent currently.

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