The shares of the enterprise technology solutions provider gained up to 6 percent after the company received a new deal to optimize its production processes using industrial IoT and Oracle Capabilities.
With a market capitalization of Rs 8,365.75 crore, the shares of Mastek Ltd were trading at Rs 2,712.25 per share, increasing around 2.39 percent as compared to the previous closing price of Rs 2,650.35 apiece.
According to the Bse filing, Mastek Ltd has announced that it has won the multi-tower deal from Yanbu Cement Company (YCC) to optimize the efficiency of YCC’s production line, the execution of multiple back office and Enterprise Resource Planning (ERP) transformation programs in the first phase, Mastek will kick off the second phase, focusing on automating YCC’s front-office operations and streamlining the lead-to-cash cycle.
Furthermore, the project represents a significant milestone for Mastek, which is expanding its income streams through CX Transformation, EX Transformation, and Industrial Edge solutions and is positioned to capitalize on new market opportunities. Mastek seeks to improve its position as a digital transformation leader in the Middle East by focusing more on CX, EX, and linked business solutions.
Looking into Mastek’s financial performance, revenue increased by 19 percent from Rs 659 crore in Q3 FY23 to Rs 784 crore in Q3 FY24. During the same period, net profit increased by 16 percent, from Rs 67 crore to Rs 78 crore.
In the third quarter of fiscal year 24, the company added 27 new clients. Total active clients in Q3FY24 were 436, compared to 441 in Q2FY24. The company’s 12-month order backlog was Rs 2,067.6 crore ($248.5 million) as of December 31, 2023, compared to Rs 1,705.8 crore ($206.2 mn) in Q3FY23, showing a 21.2% increase in rupee terms and a 16.5% increase in constant currency terms year on year.
Mastek, founded in 1982, is a supplier of vertically oriented-corporate IT solutions. Mastek Ltd, which has been in the IT sector for over four decades, has progressed from providing IT solutions to being a digital transformation partner.
Written by:- Abhishek Singh
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