Mastek Q2 consolidated net sales at Rs 193.2 Cr Vs Rs 189.4 Cr (QoQ)

Mastek Q2 cons net sales at Rs 193.2 Cr Vs Rs 189.4 Cr (QoQ); cons net profit at Rs 23.5 Cr Vs Rs 26.4 Cr (QoQ); results below expectation

IT solutions company Mastek has reported a 24.9-per-cent decline in net profit for the quarter ended December 2009 to Rs 23.54 crore as against Rs 31.33 crore reported a year ago reports Business Line.

Revenues for the quarter were down 24 per cent to Rs 190.9 crore (Rs 251 crore).

The decline in revenue was mainly due to noticeably lower revenues from BT/NHS (national health services) project development, which ramped down fully in the sequentially preceding quarter, according to a company press statement.

(Recently, the UK government had decided to scale back its £12 billion NHS project which was aimed at creating a national database of citizen health records there and making the records available online for around 30,000 doctors in nearly 300 hospitals. Mastek was one of the sub-contractors for the project)

However, the Mumbai-based Mastek expects to reap the benefits of the renewed buoyancy in the business environment going forward.

The order book-to be executable over the next 12 months stands at Rs 296 crore, 24 per cent higher on a quarter-on-quarter basis, said Mr Farid Kazani, Mastek’s Chief Financial Officer.

For the January-March quarter, Mastek estimates its consolidated total income to be in the range of Rs 188 to Rs 195 crore while profit after tax and minority interest is expected to be in between Rs 21 to Rs 23 crore.

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