Mastek
21.7.2021 17:03:02 CEST | ACCESS Newswire | Press release
Q1FY22 Revenue crossed $70M; up by 33.8% Y-o-Y basis
MUMBAI, INDIA / ACCESSWIRE / July 21, 2021 / Mastek, a global IT player and a trusted partner in complex digital & agile transformation programs in the Government and Global Enterprises worldwide, announced today its financial results for the first quarter of FY22 ended on 30th June 2021.
- Rs 516.5 crore revenue for Q1FY22
- Constant Currency revenue grew 27.2% Y-o-Y
- Profit after Tax grew by 72.2% Y-o-Y
- Added 40 new clients in the quarter
- Total active clients at 651 global customers
- Total employee count at 4302 Mastekeers
Commenting on the Q1FY22 results, Ashank Desai, Vice Chairman and Managing Director, Mastek, said: 'I am happy to welcome Hiral Chandrana as our new Global Chief Executive Officer to move ahead our growth story around digital transformation. He has a strong track record in various facets of the IT Services industry and scaling digital businesses. His successful global leadership experience will help us continue to deliver industry-leading growth, strengthen our global positioning, and expand our capabilities in Digital and Cloud. Further in terms of our quarter performance, I am pleased to see Mastek's industry-leading growth in revenue and order backlog primarily driven by momentum in US/UK geographies. Integration of Evosys business continues to be in line with our expectations.'
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.Hiral Chandrana, Global Chief Executive Officer, Mastek, said: 'I am honored to lead Mastek, an organization with a rich heritage of many firsts built on a strong foundation of values. I would like to first take this opportunity to thank our loyal clients across 41 countries for their trust in Mastek. As customers continue to accelerate their digital journeys, Mastek is uniquely positioned to be the business solutions partner of choice with our differentiated cloud & digital transformation offerings. Mastekeers continued to demonstrate immense resilience and I look forward to the journey ahead as we deliver on the significant unrealized potential of Mastek.'
Arun Agarwal, Global Chief Financial Officer, Mastek, said: 'Q1FY22 has been another quarter of consistent financial performance. We reported Rs 516.5 crore revenue, reflecting a growth of 6.9% sequentially, demonstrating the strong fundamentals of our business in these challenging times. Despite increase in costs due to onshoring, promotions and investments in talents during the quarter, we have been able to maintain healthy operating EBITDA margin of 21.8%. We continue to maintain healthy free cash flow of Rs 115.4 crore during the quarter. We are confident that with increasing demand for digital services, strong order backlog and strategic investments, we are well placed to sustain the growth momentum, create values for our customers and maximize value for our shareholders.'
Key wins and highlights for the quarter:
During the quarter, we continued to experience momentum in winning deals as illustrated below:
- Co-sell by Mastek and Evosys to a multinational battery manufacturing company, to enable company to achieve increased productivity, optimal execution and collaboration across their supply chain by moving to the Cloud.
- Complete industry solution will be provided by Mastek to a U.S.-based client providing high-quality care to patients; to aid client to achieve innovative and patient care services with Oracle ERP, SCM, HCM & analytics solution on Cloud.
- Mastek entered into deals with UK Central Government Department which includes: (A) Multi million deal signed with the customer to deliver Ministerial priorities for refugee payments (COVID-19 support) and Asylum system Public rollout; and (B) Multi million deal signed to provide international printing capability for Diplomats and international resident citizenship certificates.
- Mastek won a data sciences engagement with a leading US HQ Global Industrial Services firm. Mastek will build ML based data Sciences models to help the Client harness Data for delivering business outcomes and superior customer experience.
- Mastek gets recognized in The Gartner Digital Commerce Vendor Guide, 2021 (Sandy Shen et al., 14 April 2021) as a Digital Commerce Service Provider.
- Evosys, a Mastek company for the third year in a row, is recognized in the 2021 Gartner Magic Quadrant for Oracle Cloud Applications Services, Worldwide
About Mastek
Mastek (NSE: MASTEK; BSE: 523704), is an enterprise digital transformation specialist that engineers excellence for customers in UK, US, Middle East, Asia Pacific and India across 41 countries. Our digital services enable large-scale business change programs for clients through its differentiated offerings, which include Cloud Native & Application Development, Oracle Suite & Cloud Implementations, Digital Commerce, Application Support & Automation, BI & Analytics, Digital Assurance and Agile Consulting. Mastek helps enterprises to navigate the digital landscape and stay competitive by unlocking the power of data, modernizing your applications, and accelerating digital advantage for our customers. Evosys - A Mastek company, is an Oracle Platinum partner and a leading Oracle Cloud implementation and consultancy company, serving 1,000+ Oracle Cloud customers across 30+ countries.
Mastek is well poised to be among the top providers of agile digital transformation solutions and a significant player within the digital transformation space in retail and financial services.
For more information please visit our web site www.mastek.com.
Press Contact:
Kashmira Chavan
Kashmira.chavan@mastek.com
SOURCE: Mastek
View source version on accesswire.com:
https://www.accesswire.com/656465/Mastek-Begins-Q1FY22-on-a-Positive-Note-With-Growth-Across-Segments-Geographies-and-Verticals
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
DocStyle Announces DocStyle AI: Document Productivity Tools, Accessible from the AI Assistants Lawyers Already Use19.8.2026 16:00:00 CEST | Press release
The new solution connects DocStyle's document engine to Claude for Word, Microsoft Copilot, and a dedicated chat pane, available for pre-order today ahead of general availability on October 1st. MIAMI, FL / ACCESS Newswire / August 19, 2026 / DocStyle, a leading provider of legal document repair, structuring, and automation solutions, today announced DocStyle AI. Rather than embedding a general AI chat into its software, DocStyle made its full document productivity engine accessible from the AI assistants legal professionals already use, including Claude for Word and Microsoft Copilot, alongside a dedicated DocStyle AI chat pane inside the DocStyle Ribbon. Built on the Model Context Protocol (MCP), an open standard, DocStyle AI is vendor-independent by design, staying reachable as AI models change and protecting the customer's investment. "We have always known that when making substantive changes to Word documents, you have to be inside Microsoft Word," said Chris Cangero, CEO of DocSt
Europe SPAC Summit 2026 to Convene Leading SPAC Sponsors, Investors, and European Growth Companies in Zurich on December 1019.8.2026 15:00:00 CEST | Press release
One-Day, Invitation-Only Summit Maps the Path from European Innovation to U.S. Capital Markets NEW YORK, NY AND ZURICH, SWITZERLAND / ACCESS Newswire / August 19, 2026 / As a landmark year for European companies in the U.S. public markets continues to build momentum, the Europe SPAC Summit will convene the dealmakers driving the region's de-SPAC renaissance, turning its focus to deal flow, capital formation, and every stage of the path from European innovation to a thriving U.S. listing. The invitation-only Summit takes place on Thursday, December 10, 2026, at The Dolder Grand in Zurich, Switzerland, co-hosted by AUM Advisors and MBP Global. The Summit features a keynote session with Kyivstar, Ukraine's largest mobile operator, whose successful Nasdaq listing through a merger with a SPAC sponsored by Cohen Circle, the investment platform founded by fintech pioneer Betsy Cohen, demonstrates that this approach can create real value for Europe's growth companies. The program also includes
SMBs Attract Talent with AI Upskilling as Large Firms Cut Jobs and Benefits, Study Finds18.8.2026 12:00:00 CEST | Press release
General Assembly study finds role-specific AI training is the most effective approach for SMBs NEW YORK CITY, NY / ACCESS Newswire / August 18, 2026 / Small-to-medium employers (SMBs) see their human talent as a key area of investment for the AI era and are seeing strong impact from role-specific AI training, according to new research from General Assembly, a global leader in practical AI skills training. Layoff and benefit reductions at larger companies have made it easier for SMBs to recruit and retain top talent, say 81% of human resources (HR) leaders at SMBs, while nearly half (47%) of SMBs have already hired from larger firms in the past year. "Growth-stage companies see AI adoption as a catalyst, not a cost-cutting exercise," said Daniele Grassi, CEO of General Assembly. "They're able to move faster to implement AI and scale it quickly, and they're upskilling their workforces accordingly. As talent sees daily headlines around layoffs and benefit reductions, they're increasingly
LiberNovo Previews Support Week 2026, Putting Better Ergonomic Support Within Reach18.8.2026 10:00:00 CEST | Press release
Support Week starts August 25. We've got your back. HONG KONG, HK / ACCESS Newswire / August 18, 2026 / One size does not fit all. Yet most ergonomic chairs are still built around a standard frame, leaving taller, broader, and heavier users adapting to the chair instead of the chair adapting to them. LiberNovo is addressing that gap with the Maxis Series, the lead range for LiberNovo Support Week 2026, opening August 25 across the European Union and United Kingdom. Built for Bigger Builds Maxis was engineered at full scale, not adapted from a standard chair platform. A 52 cm seat depth provides greater thigh support, while a wider seat cushion gives users more room to shift naturally. Its reinforced frame supports up to 181 kg. Maxis also features a five-stage recline control system from 105° to 160°, supported by a Segmented Support System using progressive springs. This provides controlled, consistent support throughout the recline range, even under heavier loads. Three configuration
IFS Softeon Announces Successful First Go-Live with BF Global Group in Europe13.8.2026 14:00:00 CEST | Press release
First deployment marks a major milestone in strategic multi-site warehouse modernisation initiative. RESTON, VA / ACCESS Newswire / August 13, 2026 / IFS Softeon, the warehouse management system (WMS) provider delivering visibility from the boardroom to the warehouse floor, today announced the successful go-live of its warehouse management system at the first BF Global Group distribution centre, marking a significant milestone in the companies' strategic partnership announced earlier this year. The first deployment supports a leading premium stroller and baby products brand and represents the initial phase of BF Global Group's broader rollout of IFS Softeon Warehouse Management System across facilities throughout Europe in partnership with Lanark. The implementation was completed through a carefully coordinated weekend cutover, with operations transitioning successfully to the new platform. Since go-live, the facility has successfully processed and shipped both B2B and B2C customer ord
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom