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Updated January 18th, 2024 at 15:41 IST

Mastek Q3 profit jumps 21% to Rs 75 crore, announces Rs 7 dividend

Shares for the company settled 1.07% lower at Rs 2,897 per share after the results announcement.

Gauri Joshi
Digital Transformation
Digital Transformation | Image:Pexels
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Mastek Q3 Results: Digital Engineering and Cloud Transformation company Mastek has recorded a 21 per cent jump in profits at Rs 75.3 crore in the December quarter (Q3FY24), from Rs 62.8 crore in the previous quarter of the same fiscal (Q2FY24).

However, the revenue surged over 2 per cent to Rs 784.3 crore, from Rs 765.5 crore in the previous quarter.

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The company’s EBIT, also known as operational profit, jumped 9.4 per cent to Rs 111.7 crore as against Rs 102.1 crore in the previous quarter.

Meanwhile, its margin squeezed 90 bps to 14.24 per cent, from 13.34 per cent in the previous quarter.

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Arun Agarwal, Chief Financial Officer, Mastek, said: “We reported revenue of Rs 784.3 crore, a growth of 2.4 per cent on a Q-o-Q basis and 19.1 per cent on Y-o-Y basis in INR terms, in a seasonally weak quarter for the industry.”

The company also announced an interim dividend of 140 per cent or Rs 7 per share. 

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Mastek said it added 27 new clients in the December quarter, taking the count of their total active clients during Q3FY24 to 436.

This number was down from 441 in the September quarter.

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Attrition for the company for the last twelve months was 20 per cent in Q3FY24, compared to 19.1 per cent in Q2FY24 even as the organisation lost 80 employees in the period from September to December. The headcount was 5,518 employees for the December quarter.

Shares of the company settled 1.07 per cent lower at Rs 2,897 per share when the market closed today on January 18.

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Published January 18th, 2024 at 15:41 IST

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