It’s been a bit of a struggle for Mumbai-headquartered offshore services firm Mastek as its IT services business comes under increasing pressure from demand slowdown. Nonetheless revenues crept up by 1.5% qoq to Rs2.37bn ($38m) though EBITDA margins were a tad lower than the prior quarter at 11.8%.
Mastek derives nearly half its revenues from the UK which vies with the USA as the company’s largest market. Founding CEO Sudhakar Ram seems upbeat about growth in the US business, fuelled by the company’s insurance products, and sees this making up for lost IT services revenues during the year.
As usual, we'll have much more to write about the India-centric IT services players – including their UK performance – in the next edition of OffshoreViews.