Mumbai, India 19th July 2023: Mastek, a Turnkey & Trusted Digital Engineering & Cloud Transformation Partner, announced today its financial results for the First quarter of FY24 ended on 30th June 2023.
Commenting on the Q1FY24 results, Hiral Chandrana, Chief Executive Officer, Mastek, said: “We reported revenue growth of 20.2% Y-o-Y 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% Q-o-Q 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.”
The Company’s Wholly Owned First Level Step-down Subsidiary i.e., Mastek Inc. at its meeting held on July 18, 2023, approved to sign the definitive Membership Interest Purchase Agreement to acquire the 100% Membership Interest of BizAnalytica, LLC.
BizAnalytica, LLC is based in Londonderry, New Hampshire, USA, offering a full range of professional data services, including architectural design, systems integration, data migration, automation, managed services, and analytics. BizAnalytica’s expertise in the modern data stack positions Mastek favorably to leverage the immense market potential in the area of Data Cloud and Modernization which is expected to significantly increase with adoption of Generative AI.
During the quarter, we continued to experience momentum in winning deals as illustrated below:
During the quarter, Mastek and its Subsidiaries received awards and recognitions conferred by reputable organizations. Some of them are:
Mastek has won a strategic Generative AI program with an industrial manufacturing company in the US that will dramatically reduce time to query replacement & obsolete parts providing significant savings to the client and reduction of manual work/errors.
Mastek (NSE: MASTEK; BSE: 523704), is a turnkey and trusted digital engineering and Cloud transformation partner that delivers Innovative solutions and business outcomes for clients in Healthcare & Life Sciences, Retail, Manufacturing, Financial Services, Government/Public Sector, etc. It enables customer success and decomplex digital for enterprises by enabling them to unlock the power of data, modernize applications to the Cloud, and accelerate digital
advantage. A preferred Oracle partner with a strong pool of 2000+ Oracle experts and 100+ industry-specific solutions. Mastek’s ~6000 strong workforce operates out of 40+ countries (in the UK, Americas, Europe, Middle East, and APAC) to deliver business value with velocity. MST Solutions, a Mastek company, is a Summit-level Salesforce consulting partner trusted by several Fortune 1000 enterprise clients. For more details, please visit our website www.mastek.com.
For past results & conference call transcripts, please visit our web site at https://www.mastek.com/investors/. Updated disclosures regarding corporate governance may also be accessed at https://www.mastek.com/investors-corporate-governance/.
Investor Relation Practice, E&Y LLP
Investor Relations, Mastek
Shareholders may also contact Mastek via email at Investor_grievances@mastek.com, which has been specifically created for the redressal of investor grievances. You may also contact the Investor Relations team by email at firstname.lastname@example.org.