Q1FY24 Quarterly Result Announced for Mastek Ltd.
IT Consulting & Software company Mastek announced Q1FY24 results: Revenue at Rs 725.3 crore in Q1FY24 compared to Rs 570.3 crore in Q1FY23, up by 27.2% YoY Signed definitive agreement to acquire BizAnalytica, LLC - a data cloud & modernization specialist 12 months order backlog grew by 16.9% YoY Opearting EBITDA of Rs 127 crore in Q1FY24 compared to Rs 109.2 crore in Q1FY23, up 16.3% YoY Operating EBITDA at 17.5% of revenue Net Profit of Rs 73.5 crore in Q1FY24 compared to Rs 84.4 crore in Q1FY23, down 12.8% YoY Dituted EPS of Rs 22.7 in Q1FY24 compared to Rs 25.1 in Q1FY23 Commenting on the Q1FY24 results, Hiral Chandrana, Chief Executive Officer, Mastek, said: “We reported revenue growth of 20.2% YoY in constant currency driven by demand for Digital Engineering, Experience, and Cloud Transformation services and disciplined execution. Despite macroeconomic challenges, we maintained growth momentum and deeper engagement with our strategic clients. We are excited about opportunities in Data Cloud and Generative AI space and pleased to welcome the BizAnalytica team to the Mastek family. We are thankful to our customers, employees, and shareholders for their continued trust in Mastek.” Arun Agarwal, Chief Financial Officer, Mastek, said: “Despite uncertain market conditions, we continued to demonstrate resilience and adaptability, maintaining stable growth and margins. During the quarter, we reported revenue of Rs 725.3 crore, a growth of 2.3% QoQ in reported currency. We continued to prioritize financial discipline and operational efficiency to drive sustainable growth, resulting in an operating EBITDA margin of 17.5%. Mastek’s capability in data cloud has been strengthened with the acquisition of BizAnalytica, and we are optimistic about our prospects to drive shareholder value for the remaining FY24 and beyond.” Result PDF19-07-2023