Mastek Group announces results for the quarter October-December 2003.

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 19, 2004 -- Mastek Group today announced a total income of Rs.95.5 crores for the quarter October-December 2003 against:



Rs. 91.4 crores earned during July-September 2003.

Rs.97.4 crores achieved during October-December 2002.

Net profit for the quarter stood at Rs.4.1 crores against:

Rs. 3.0 crores during July-September 2003.

Rs. 16.3 crores for the corresponding quarter in the previous year.

The unaudited results were taken on record at the Board Meeting held on January 12, 2004.,

Mastek Group income for the six months period ended December 31, 2003 was Rs.186.9 crores, as against Rs.189.1 crores registered during the corresponding period in the previous year. The net profit for this six month period stood at Rs.7.1 crores. The US operations registered a growth of 12% while the European and the Asia Pacific operations declined by 17% each.



Commenting on the business outlook, Mr.Ashank Desai, the Chairman, said �Winning a US$ 50 mln, 10 year deal bears testimony to Mastek�s fundamental strength and unique market positioning as a software company that can be entrusted to deliver complex mission critical projects. I am also excited with the joint venture with Capita in the BPO arena which will extend our footprint beyond IT to a complete service play.�



Performance Highlights : October - December 2003

Commenting on the performance, Mr.Sudhakar Ram, the Chief Executive Officer, said �While our performance this quarter and in the first half has been in line with expectations, there have been delays in booking business. The next two quarters will be challenging but we are optimistic about facing up to it.�



Key highlights of the quarter are given below,



The acquisition of new customers during the quarter were lesser than expected as the prospects postponed their decisions to the new year. During the quarter, revenues from European operations grew by 15% on a sequential basis with new agreements signed with a few existing customers as well as new relationships. Revenues from the US operations dropped by 6% due to execution delays. Presently, US contributes 31% while Europe contributes 52% to the group revenue.

During the quarter, Mastek billed three additional customers which include one of the largest banks in Thailand for customisation of their new core banking platform. In Asia Pacific region, Mastek further extended its relationship with the global insurance major in the areas of Channel management, Reinsurance and Cash management for Singapore and Malaysia. Mastek�s repeat business stood at 97%. In UK, the business from existing customers remained steady with further contract extensions and renewals. As part of its focus on Insurance domain, Mastek has further strengthened its insurance team

Partnership with Syntegra, a part of BT group and one of the UK's leading Consulting and System Integration companies progressed rapidly during the last quarter.

For detailed results, please visit our Web Site http://www.mastek.com