Mastek
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
AM Positions for Next Phase of Global Growth: Kelly McAndrew to Chairman; Dave Watrous to CEO27.1.2026 07:00:00 CET | Press release
AUSTIN, TX / ACCESS Newswire / January 27, 2026 / For over 21 years, Kelly McAndrew has served as Chief Executive Officer (CEO), playing a pivotal role in shaping AM Technical Solutions (AM) culture and strategic direction, enabling exceptional results. Kelly now transitions into the role of Chairman of the Board. As Chairman, Kelly will focus on investments and partnerships to further enhance the company's solution offerings. Dave Watrous will succeed Kelly as Chief Executive Officer. AM has worked closely with Dave for more than six years in the roles of customer and partner. His faith, integrity, leadership qualities, and strong industry expertise make him the ideal choice for this role. With a distinguished 30-year career in High-Technology industries, Dave brings extensive capabilities in delivering multi-billion-dollar Engineering, Procurement, Construction, Commissioning, and Validation projects worldwide. As CEO, Dave will focus on leading growth, accelerating opportunities, en
Richter Extends Its Support to Africa - The First Year of the House of Hope in Bamako in Numbers26.1.2026 14:00:00 CET | Press release
The First Year of the House of Hope in Bamako in Numbers BUDAPEST, HU / ACCESS Newswire / January 26, 2026 / Nearly one year has passed since the House of Hope centre, established by Richter Gedeon Plc., began providing shelter and comprehensive support to women in Bamako. During this period, almost 120 women and girls have benefited from healthcare, legal aid and education. Interest in the centre remains strong, with new women continuously joining the programme. In the coming years, the initiative aims to reach several hundred vulnerable women across different regions of Mali. Why Was the House of Hope Established? The centre was created through the collaboration of Richter Gedeon Plc. (Richter), the Hungary-based Close to Africa Foundation, and the local Sini Sanuman Foundation. Its mission is to provide safety and professional support to women fleeing violence and abuse through gynaecological care, psychological and legal counselling, and educational programmes. The building was des
TIS Appoints New CEO to Accelerate Global Growth26.1.2026 13:00:00 CET | Press release
BERLIN, DE / ACCESS Newswire / January 26, 2026 / Treasury Intelligence Solutions (TIS), a leading cloud-based platform for payments and cash management, today announced Zlatko Vucetic as the new Chief Executive Officer (CEO) effective from February 1, 2026. This move comes as a pivotal step in advancing the company's long-term vision and global growth strategy in cloud-native cash management, liquidity, and payment solutions. As an experienced CEO, Zlatko brings a strong track record in scaling software companies across Europe, Asia, and the U.S., combined with deep expertise in driving innovation and accelerating growth in competitive markets. Zlatko will lead TIS in its journey to be a market leader in payment and liquidity management across Europe and North America. After five successful years as CEO, Erik Masing will transition into the role of Vice Chair of the Board, where he will continue to provide strategic guidance and support. Under Erik's leadership, TIS achieved significa
Datavault AI to Support Establishment of International Research Center Focused on Real-World Asset Digitization in Taiwan26.1.2026 12:00:00 CET | Press release
PHILADELPHIA, PENNSYLVANIA / ACCESS Newswire / January 26, 2026 / Datavault AI Inc. (NASDAQ:DVLT) ("Datavault AI" or the "Company"), a leader in data monetization, credentialing, digital engagement and real‑world asset ("RWA") tokenization technologies, today announced the execution of a memorandum of understanding with St. John's University in Taipei to support the establishment of the RWA International Research Center (the "Center"). The Center will serve as a core platform for promoting inter-university alliances and international industry-academia collaboration, as well as for advancing the study of real-world asset tokenization frameworks, regulatory technology, and applied financial innovation. The Center is scheduled to be inaugurated on St. John's University's campus on January 26, 2026. The collaboration is expected to be structured as an academic and applied research initiative focused on advancing standards, education, and cross-disciplinary collaboration to support the resp
Masar Destination Achieves LEED for Communities Gold Certification23.1.2026 21:35:00 CET | Press release
Affirming its Commitment to Sustainability MAKKAH, SAUDI ARABIA / ACCESS Newswire / January 23, 2026 / Masar: a landmark urban development in the heart of Makkah, owned, developed, and operated by Umm Al Qura for Development & Construction Company, has been awarded LEED Gold certification under the LEED for Communities rating system, one of the highest international certifications in sustainability and the built environment. This achievement recognizes Masar's adoption of an integrated approach that places people and the environment at the heart of its design and planning processes. This accomplishment reflects the company's commitment to developing sustainable urban communities in line with global best practices. By balancing quality of life, resource efficiency, and environmental protection, it paves the way for long-term positive impact and a more sustainable future. Commenting on the achievement, Mr. Yasser Abuateek, Chief Executive Officer of Umm Al Qura for Development & Construc
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