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
Wellgistics Health Accelerates Digital Health Expansion of its Newly Announced RPM, RTM and CCM Pilot with Planned Acquisition of WellCare Today and its Proprietary Samsung Galaxy Watch Care Monitoring Program14.5.2026 21:05:00 CEST | Press release
Highlights: WellCare Today brings established RPM, RTM and CCM infrastructure with wearable technology integrations and connected monitoring solutions Combination expected to integrate Wellgistics Health recently announced MSO initiative with Kare Clinicals and its network of 6,500+ independent pharmacies Proposed platform designed to enhance patient engagement, medication adherence, remote monitoring and longitudinal care coordination Proposed transaction valued at approximately $15 million Strategic initiative intended to create additional clinical revenue opportunities for participating pharmacies and providers TAMPA, FL / ACCESS Newswire / May 14, 2026 / Wellgistics Health, Inc. (NASDAQ:WGRX) ("Wellgistics" or the "Company"), a leading healthcare technology and pharmaceutical distribution company, today announced that it has executed a non-binding letter of intent ("LOI") to acquire WellCare Today. The proposed transaction structure includes a structured cash payment of $3 million,
Karbon-X Explores Clean Cooking and Fish Smoking Climate Initiative Concept in Senegal14.5.2026 15:00:00 CEST | Press release
Concept contemplates future integration of digital monitoring technologies and community-focused climate infrastructure solutions. CALGARY, AB / ACCESS Newswire / May 14, 2026 / Karbon-X Corp. (OTCQB:KARX) ("Karbon-X" or the "Company"), a vertically integrated climate solutions company operating across compliance and voluntary carbon markets, today announced the exploration of a clean cooking and fish smoking climate initiative concept in Senegal focused on evaluating potential pathways for emissions reductions, improved fuel efficiency, and community-based climate infrastructure solutions. The initiative is currently at an early exploratory stage and is intended to assess opportunities associated with cleaner cooking technologies and, in later phases, more efficient fish smoking activities in rural communities. Traditional cooking and fish smoking practices continue to contribute to deforestation, indoor air pollution, and high fuel consumption across many regions. The concept contemp
Wellgistics Health Announces Pilot MSO Collaboration with Kare PharmTech Targeting $14 Billion U.S. Market for CCM and RPM Services13.5.2026 15:05:00 CEST | Press release
Highlights: According to third-party industry reports, the U.S. RPM market is currently $14 Billion alone and expected to reach approximately $29 Billion by 2030, representing a 12.6% CAGR, as healthcare providers continue shifting toward value-based and home-based care models¹ Pilot initiative launched across multiple provider offices focused on chronic care management (CCM) and remote patient monitoring (RPM) through it's MSO infrastructure Approximately 1,500+ claims generated to date through the pilot infrastructure with expansion roadmap targeting additional providers Wellgistics Pharmacy Network of 6,500+ independent pharmacies positioned to support patient engagement and care coordination initiatives Participating pharmacists expected to gain access to new clinical service revenue opportunities TAMPA, FL / ACCESS Newswire / May 13, 2026 / Wellgistics Health, Inc. (NASDAQ:WGRX) ("Wellgistics" or the "Company"), a leading healthcare technology and pharmaceutical distribution compa
The White House Names Peter Arnell as U.S. Chief Brand Architect within the National Design Studio13.5.2026 13:00:00 CEST | Press release
The White House today announced Peter Arnell as the first-ever Chief Brand Architect of the United States, a founding role within the National Design Studio. WASHINGTON, D.C. / ACCESS Newswire / May 13, 2026 / The White House today announced Peter Arnell as the first-ever Chief Brand Architect of the United States, a founding role within the National Design Studio. Arnell will serve as Chief Brand Architect to Joe Gebbia, U.S. Chief Design Officer, working in direct partnership to accelerate the President's Executive Order 14338: "Improving Our Nation Through Better Design". Widely regarded as one of the world's foremost brand architects, Arnell brings 45 years of experience creating and transforming global brands, corporations, and institutions across technology, automotive, healthcare, consumer products, fashion, and sports, as well as major public and nonprofit organizations including the Special Olympics and the FDNY Foundation. As Chief Brand Architect for the nation, Arnell will
Agnete Kirk Kristiansen Appointed Chair of the LEGO Foundation13.5.2026 07:35:00 CEST | Press release
BILLUND, DK / ACCESS Newswire / May 13, 2026 / At the LEGO Foundation's annual meeting, the Board of Directors elected Agnete Kirk Kristiansen as Chair of the Board. As fourth generation member of the Kirk Kristiansen family, owners of the LEGO Group, she becomes only the fifth Chair of the Foundation since it was founded in 1986. Agnete Kirk Kristiansen has served as Deputy Chair of the LEGO Foundation since 2023 and replaces her brother Thomas Kirk Kristiansen who steps down to assume the position of Deputy Chair. In addition to her role at the LEGO Foundation, Agnete Kirk Kristiansen also serves as Deputy Chair of KIRKBI A/S, the family-owned holding and investment company that owns 75% of the LEGO Group. As ascending Chair, Agnete Kirk Kristiansen highlighted the role of the LEGO Foundation in building a brighter tomorrow for children around the world: I am truly honored to step into the role as Chair of the LEGO Foundation and to continue our important work for children. The found
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