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
Chervon Promotes Soobia Haroon to Vice President, Human Resources - NA2.11.2026 15:00:00 CET | Press release
NAPERVILLE, IL / ACCESS Newswire / November 2, 2026 / Chervon promotes Soobia Haroon to Vice President, Human Resources - NA, effective November 2, 2026, reporting to Joe Galli, CEO. Over the past two years, Haroon has been a key member of the Chervon Senior Executive Team, driving talent acquisition, organizational development, and transformation. She has provided strategic leadership across all HR functions while strengthening corporate HR strategy, governance, and processes to support the company's objectives and continued growth. Before joining Chervon, Soobia progressed through a series of human resources positions at several multinational companies. Her HR experience is strong in supporting many functional areas, including supply chain, distribution, manufacturing, IT, engineering, product management, marketing, and finance. "Soobia has been instrumental in our aggressive talent acquisition initiative since I joined Chervon," said Joe Galli. "Her extensive HR experience, her sens
Chervon Names Thomas Scherer Vice President of Organizational Development - Sales, End User Marketing, and Service2.11.2026 15:00:00 CET | Press release
NAPERVILLE, IL / ACCESS Newswire / November 2, 2026 / Chervon names Thomas Scherer Vice President of Organizational Development - Sales, End User Marketing, and Service, effective November 2, 2026, reporting to Matt DeFeo, SVP, Sales, Training, and Recruiting. Scherer brings to Chervon extensive organizational development experience supporting the build-out of large-scale sales teams and end user marketing teams. He is highly experienced in managing employment law, compliance, employee relations, compensation, workforce analytics, training, recruiting, and career development. His world class organizational development skills will be invaluable as the company develops the very best sales, store coverage, end user marketing, and after-sales service teams. Most recently, Tom was Vice President of Human Resources for TTI/Milwaukee where he was responsible for HR and organizational development for a 2000+ person field sales team. Previously, Scherer advanced through a series of HR, training
Chervon Names Jody Grimsley Senior National Account Manager2.11.2026 15:00:00 CET | Press release
NAPERVILLE, IL / ACCESS Newswire / November 2, 2026 / Jody Grimsley joins Chervon as Senior National Account Manager, effective November 2, 2026, reporting to Jeff Campbell, SVP of Industrial Commercial Sales. In his new role, Grimsley will focus on developing key strategic relationships with commercial landscape dealers, driving growth of the EGO Commercial OPE range. Jody brings 17+ years of commercial sales experience at TTI/Milwaukee. His outstanding sales growth performance included building significant businesses in the Transportation Channel and Hardware Channel. Earlier in his career, he excelled through sales roles of increasing complexity and as a Regional Sales Manager in the Industrial Channel. "Jody brings a strong track record of developing strategic relationships, driving outstanding sales growth and building successful sales organizations," said Jeff Campbell. "His extensive key account experience and his customer-centric approach will be invaluable as we build our busi
Hydrosat Announces Nyktòs Program to Provide Tactical ISR for Sovereign Customers from New Facility in Europe2.11.2026 12:00:00 CET | Press release
LUXEMBOURG, LU / ACCESS Newswire / November 2, 2026 / Hydrosat, the leading provider of thermal infrared satellite solutions, announced today its high-resolution mid-wave infrared (MWIR) program named Nyktòs. Nyktòs will deliver high-resolution thermal imaging for tactical ISR. The day-and-night imaging capability can be tasked by customers and is complementary to the wide-area monitoring provided by Hydrosat's Osiris constellation. The development of the new capability will be supported by Hydrosat's expanded technology and manufacturing footprint in Europe and is intended for sovereign mission applications for NATO and allied customers. As part of the expansion, Hydrosat will open additional facilities, grow its network of European supply chain partners and advance the development of high-resolution mid-wave infrared technology in the region. Together, these investments will strengthen the company's ability to support sovereign government and allied missions across national security,
Aer Lingus and MTech Mobility Launch Live Ground Operations Technology Programme Across Three Irish Airports2.11.2026 11:00:00 CET | Press release
WEXFORD, IRELAND / ACCESS Newswire / November 2, 2026 / Aer Lingus and MTech Mobility have launched a new mobility-based hands-free scanning and communications solution across below-the-wing ground operations at Dublin, Cork, and Shannon airports. The programme is fully live at all three locations. The programme was built around three operational goals Aer Lingus set out to achieve: faster, more accurate baggage scanning that keeps handlers' hands free to move luggage; a single device that works as both a scanning tool and a real-time communications channel for ground teams; and personal device ownership for staff, ending the long-standing problem of shared equipment going missing between shifts. "Our ground teams work in one of the most demanding environments in the business. Our focus at Aer Lingus is operational resilience, efficiency, and consistency, and we needed a partner who understood that before they proposed a solution - one who would own the programme from day one, not just
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