Mastek returns to profit

After a very difficult prior year, Mumbai-based offshore services firm Mastek returned to profit in FY12 (to 30th June), but only just. Headline revenues (Indian GAAP) grew by 22% yoy to Rs7.24b (c.$130m), an 11% increase at constant exchange rates. However, this only generated a Rs5m net profit, but a huge improvement on the prior year’s Rs560m loss. Mastek’s UK revenues grew by 20% yoy to Rs3.5b, around £45m. More for eligible TechMarketView subscription service clients soon.