Mastek Q2 net at Rs 157.5 mn

Mastek Ltd has posted a net profit of Rs 157.50 million for the quarter ended December 31, 2002 (DQ-02) as compared to Rs 94.10 million in the quarter ended December 31, 2001(DQ-01). Total income has increased from Rs 244.70 million in DQ-01 to Rs 388.60 million in DQ-02.

The consolidated results are as follows:

The net profit for DQ-02 is at Rs 162.60 million as compared to Rs 61.30 million for DQ-01. Total revenue is at Rs 974.30 million for DQ-02 as compared to Rs 660.70 million in DQ-01.

On reviewing the overall performance during the six months period ended December 31, 2002, Mastek revises upwards its profit after tax guidance for the group (including shares of JV) for 2002-2003 from Rs 540-580 million to Rs 640-680

million.

Commenting on the performance, Ashank Desai, CMD, Mastek said, "We are addressing with full force the challenge of progressing our existing strategic accounts, particularly in the United States. Having successfully delivered the pilots, quite a few of these accounts have already increased their business with us. In some accounts we see a ramp up over next few quarters. Although much would depend also on the economy & annual IT-budget increases, our early successes do make us feel somewhat optimistic."

BSE Code: 523704