Mastek grows as profits plunge again

Profitability seems to be a constant struggle for Mumbai-based, Mastek. Although the company is ‘back to black’ (see Mastek returns to profit), net profits slumped by over 70% in Q1 (to 30th Sept.) compared to the prior quarter. However, top line growth is a much better story, with revenues up 44% yoy to Rs2.2bn (c. $41m), albeit with a very strong currency tailwind. The UK is no longer Mastek’s biggest geography, though still accounts for 45% of its revenues, having grown 35% yoy in headline terms and about half that pace in constant currencies. Still, that’s faster than many suppliers at the moment, albeit off a very small base.