Mastek group's Q3 net up 37% to Rs 13.8 crore

Global IT application outsourcing company Mastek (MAST.BO, news) today announced a 28 per cent growth in consolidated income and a 37 per cent rise in net profit for January-March, 2005. Total income rose to Rs 150.1 crore during the quarter compared with the corresponding previous quarter's Rs 117.5 crore. The group's net profit grew to Rs 13.8 crore from the comparable last quarter's Rs 10 crore. Mastek group's income for the nine months ended March, 2005, was Rs 420.8 crore as against Rs 322.4 crore in the corresponding previous year. Net profit stood at Rs 38.7 crore. The European operations grew by 70 per cent while the US and Asian Pacific operations declined by 19 per cent and 17 per cent, respectively. Ashank Desai, chairman of Mastek group said: "During the past six to seven quarters our efforts have been towards delivering a predictable growth." Dissatisfied with the growth rate in the US, the group has decided to shift Sudhakar Ram to the US for few years. Ram will run the global operations from there to provide the group's thrust in the US. On a standalone basis, the company's net profit soared to Rs 12.40 crore (Rs 5.77 crore) on a total income of Rs 89.62 crore (Rs 34.26 crore) in its third quarter ended March 31, 2005.

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