Mastek Ltd reported a YoY 241% jump in net profits to Rs 285 m in FY00 on revenues of Rs 955 m. The Group's worldwide turnover increased by 52% to Rs 2.5 bn and profits by 204% to Rs 302 m. Although in India operating prrofit margins of the company climbed up to 37.6%, globally the company has the margins of 16.9%.
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The company employs over 1,000 people worldwide and is SEI CMM Level 4 certified company. It provides software solutions to Fortune 1,000 companies with its international subsidiaries.
The company's front-end solutions and e-commerce solutions accounted for 46% of its total revenues. The high growth rates achieved by the company is due to its focus in the areas of e-CRM and e-Services. In the last quarter the company has added 18 new clients globally in the USA, UK, Germany, Japan and Asia Pacific.
At the current market price of Rs 1,664 Mastek is trading at a PER of 40 times its FY00 earnings.
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