The Hindu Business Line : Mastek consolidated net up 40 pc

Mastek has reported a 40 per cent rise in its consolidated net profit for the fourth quarter, and a 29 per cent increase in net profit for the fiscal ended June 30, 2006. The performance was led by its insurance and e-governance verticals, the first of which grew 43 per cent in revenues over the fiscal, said Mr Sudhakar Ram, CEO of Mastek. Net profit rose to Rs 20.6 crore from Rs 14.7 crore in the corresponding year-ago quarter. Total income rose by 23.7 per cent to Rs 193 crore from Rs 156 crore. Net profit for the year ended June 30, 2006 rose to Rs 69 crore from Rs 53.5 crore in the previous fiscal. Total income rose by 21.4 per cent to Rs 701 crore from Rs 577 crore in the previous year.

The board of directors recommended a final dividend of 70 per cent, or Rs 3.5 per share, bringing the total dividend for the fiscal to Rs. 6.50 per share. On a standalone basis, Mastek Ltd has announced a net profit of Rs 15.5 crore (Rs 12.6 crore) for the quarter ended June 30, 2006 and income of Rs 118 crore (Rs 85.6 crore).

For the fiscal currently ended, the company posted a net profit of Rs 49.1 crore (Rs 47.3 crore) on revenues of Rs 401 crore (Rs 264 crore).

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