ICICI Direct:  Mastek’s Organic Revenue  Dips Led By Covid Challenges
An employee wears a headset while working at a call center in Kolkata. (Photograph: Taylor Weidman/Bloomberg)

ICICI Direct: Mastek’s Organic Revenue Dips Led By Covid Challenges


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Mastek Ltd.’s revenues increased 12.1% QoQ (in constant currency terms) and by 9.7% QoQ (in reported terms) to 50.8 million U.S. dollar.

The increase in revenues was mainly led by Evosys acquisition (up 47.1% QoQ) partially offset by 3.3% QoQ decline in organic revenues.

Ebit margins declined 31 basis points QoQ to 14.7% mainly led by higher depreciation cost. Adjusted profit after tax fell 21.6% QoQ to Rs 40.4 crore.

The order book fell 2.4% QoQ (up 16% YoY) to 101 million U.S. dollar (Rs 764.5 crore).

The key positive in the quarter was the company has reduced debt 6 million U.S. dollar (approximately Rs 45 crore) and day sales outstanding (DSO) days by nine days QoQ to 72 days.

Mastek will receive 26.4 million U.S. dollar (approximately Rs 200 crore) from Majesco U.S. sale.

Click on the attachment to read the full report:

ICICI Direct Mastek Company Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.