Conference Call with Mastek Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript.
IT Software & Service company Mastek announced Q3FY23 results: Q3FY23: Revenue at Rs 658.7 crore, up by 20.0% YoY basis (CC) Operating revenue up by 5.3% QoQ basis in rupee terms 12 months order backlog grew by 34.2% YoY in rupee terms Added 31 new clients in the quarter Recommends interim dividend of 140% Commenting on the Q3FY23 results, Hiral Chandrana, Global Chief Executive Officer, Mastek, said: “At a group level we delivered revenue growth of 3.1% on quarter-on-quarter basis and 20.0% on year-on-year basis in constant currency. Acquisition of MST Solutions, a Summit level Salesforce partner has delivered above expectations, and our Top 40 accounts continue to grow across the digital engineering & cloud transformation portfolio. Our overall organic business did not perform as expected impacted by furloughs and seasonality. We made a strategic minority investment in Volteo Edge – an IoT platform that leverages ServiceNow in the Connected Enterprise & Data ecosystem. Our focus on people is showing results, attrition has been trending down last 3 quarters. We thank all our stakeholders for their commitment to Mastek.” Arun Agarwal, Global Chief Financial Officer, Mastek, said: “Despite seasonally weak quarter and uncertain macro environment, we reported revenue growth of 5.3% QoQ and 19.3% on year-on-year basis in INR terms. Our cost-optimization strategies helped us to maintain an operating EBITDA margin of 17.3%. Our 12-months order backlog grew by 29.7% on year-on-year basis in constant currency. We added 31 new customers driven by continuous demand for digital engineering and cloud transformation services. Our Board of Directors have proposed an interim dividend of 140% or Rs 7 per share. We are optimistic that our disciplined execution and strategic priorities position us well to deliver industry-leading growth in coming quarters and years.” Result PDF