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
Karbon-X Announces Strategic Partnership to Evaluate Kenya BioHub Initiative8.7.2026 15:00:00 CEST | Press release
Company to conduct feasibility assessment for integrated land restoration and renewable energy initiative as part of its strategy to expand its international climate project development pipeline. CALGARY, AB / ACCESS Newswire / July 8, 2026 / Karbon-X Corp. (OTCQB:KARX) ("Karbon-X" or the "Company"), a vertically integrated climate solutions company delivering end-to-end services across global carbon markets and climate infrastructure, today announced a strategic partnership with REGID International ("REGID") to jointly evaluate the Kenya BioHub Initiative, an integrated climate infrastructure program designed to restore degraded land, produce sustainable biomass, and support industrial decarbonization in Kenya. The partnership reflects Karbon-X's disciplined approach to identifying, evaluating, and selectively advancing climate infrastructure opportunities with long-term development potential as part of its strategy to expand its international project development pipeline. The Kenya B
Frame Security Launches KnowBetter as AI Reshapes Social Engineering8.7.2026 14:00:00 CEST | Press release
AI Is Rewriting the Social Engineering Playbook. Security Awareness Training Hasn't Caught Up. Organizations must KnowBetter. NEW YORK CITY, NY / ACCESS Newswire / July 8, 2026 / Security teams have spent two decades training employees to spot a familiar set of red flags: a suspicious link, a misspelled domain, an urgent request for a wire transfer. That approach is now colliding with an attacker toolkit that has changed faster than most awareness programs have. Generative AI has made it possible to clone a voice from a few seconds of audio, generate a passable deepfake video in minutes, and write a phishing email tailored to a specific employee's role, manager, and recent LinkedIn activity. Vishing calls, smishing texts, and video-based impersonation are now standard components of enterprise social engineering campaigns, not edge cases. "Most organizations are still training people to recognize threats from five years ago," said Tal Shlomo, co-founder and CEO of Frame Security, a huma
GoodData.AI Brings Governed Agentic Analytics to Regulated Enterprises Across DACH8.7.2026 13:05:00 CEST | Press release
GoodData.AI lets regulated enterprises in Germany, Austria, and Switzerland build and govern AI agents that support business processes, while maintaining full control over where AI runs and what data it can access. SAN FRANCISCO, CA / ACCESS Newswire / July 8, 2026 / GoodData.AI, an open agentic analytics platform with nearly two decades of analytics experience, today announced an expanded investment in the DACH region, bringing governed agentic analytics to regulated enterprises across Germany, Austria, and Switzerland. Many regulated enterprises have held off on production AI because outputs can't be traced back to approved business logic. GoodData.AI's platform addresses that directly: agents stay on a process over time, drafting and updating reports, analyses, and recommendations as new data comes in, while every output stays grounded in logic the company has already approved and can show an auditor on request. The EU AI Act has introduced some of the most comprehensive AI governan
Polaris Announces Execution of Mixed Investment Agreement for the Three Mexico Projects7.7.2026 13:50:00 CEST | Press release
TORONTO, ON / ACCESS Newswire / July 7, 2026 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris" or the "Company") is pleased to announce that, further to its press release dated June 8, 2026, it has reached another important milestone in the development of its three renewable energy projects selected under Mexico's Comisión Federal de Electricidad ("CFE") Mixed Development Program (the "Mixed Program"). On July 3, 2026, Polaris, through its Mexican project structure, executed the Mixed Investment Agreement (Contrato de Inversión Mixta or "CIM") with the fiduciary trustee, Banca Mifel, S.A., Institucion de Banca Multiple, Grupo Financiero Mifel, acting on behalf of CFE. The CIM establishes the contractual 30-year framework governing the joint participation of Polaris and CFE in the development, financing, construction, ownership and operation of the three selected projects, including the applicable governance, economic and corporate arrangements. The CIM includes the key information a
Oxford University Press Comes to Simply Piano7.7.2026 10:00:00 CEST | Press release
Content from OUP's acclaimed piano method is now available to millions of Simply Piano learners worldwide NEW YORK, NY / ACCESS Newswire / July 7, 2026 / Simply, the leading digital platform for creative hobbies, today announced an agreement to bring content from Oxford University Press' (OUP) piano method to Simply Piano. This expands Simply Piano's offering and marks a step forward in its mission to make the pursuit of creative hobbies simple and fun for all. Simply Piano users around the world will gain access to an expanded library of high-quality, curated sheet music spanning OUP's works including Piano Time and Tunes for Ten Fingers, all within the app's interactive learning environment. The integration expands Simply Piano's sheet music library across genres, complementing its step-by-step courses and real-time feedback tools. "Access to songs people love is one of the strongest drivers of learning," said Yuval Kaminka, CEO & co-founder of Simply. "Working with OUP allows us to
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