Mastek

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Mastek

(09:50, 19 Apr 2025)

On consolidated basis

Quarter ended March 2025 compared with Quarter ended December 2024.

Net sales (including other operating income) of Mastek has increased 4.13% to Rs 905.42 crore.

Operating profit margin has declined from 16.18% to 15.32%, leading to 1.35% decline in operating profit to Rs 138.75 crore. Employee cost decreased from 53.06% to 52.74%. Other expenses rose from 30.76% to 31.93%.

Other income fell 62.20% to Rs 3.58 crore. PBIDT fell 5.19% to Rs 142.33 crore. Provision for interest fell 18.89% to Rs 9.62 crore. Loan funds remained nil.

PBDT fell 4.01% to Rs 132.71 crore. Provision for depreciation rose 12.75% to Rs 18.66 crore.

Profit before tax down 6.29% to Rs 114.05 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 24.85 crore, compared to Rs 30.98 crore. Effective tax rate was 23.46% compared to 24.65%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 14.40% to Rs 81.07 crore.

Promoters’ stake was 35.97% as of 31 March 2025 ,compared to 36.22% as of 31 December 2024 .

Quarter ended March 2025 compared with Quarter ended March 2024.

Net sales (including other operating income) of Mastek has increased 16.12% to Rs 905.42 crore.

Operating profit margin has declined from 16.05% to 15.32%, leading to 10.90% rise in operating profit to Rs 138.75 crore. Employee cost decreased from 53.87% to 52.74%. Other expenses rose from 30.09% to 31.93%.

Other income fell 34.31% to Rs 3.58 crore. PBIDT rose 9.02% to Rs 142.33 crore. Provision for interest rose 4.34% to Rs 9.62 crore. Loan funds rose to Rs 583.13 crore as of 31 March 2025 from Rs 518.96 crore as of 31 March 2024. Sundry debtors were higher at Rs 769.74 crore as of 31 March 2025 compared to Rs 561.31 crore as of 31 March 2024. Cash and bank balance rose to Rs 461.47 crore as of 31 March 2025 from Rs 382.61 crore as of 31 March 2024. Investments rose to Rs 178.03 crore as of 31 March 2025 from Rs 93.81 crore as of 31 March 2024 .

PBDT rose 9.37% to Rs 132.71 crore. Provision for depreciation fell 32.12% to Rs 18.66 crore. Fixed assets declined from Rs 243.63 crore as of 31 March 2024 to Rs 194.83 crore as of 31 March 2025. Intangible assets declined from Rs 1,707.24 crore to Rs 1,625.06 crore.

Profit before tax grew 21.52% to Rs 114.05 crore. Share of profit/loss were nil in both the periods. Provision for tax was debit of Rs 24.85 crore, compared to credit of Rs 0.56 crore. Effective tax rate was 23.46% compared to negative 0.60%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 11.94% to Rs 81.07 crore.

Equity capital increased from Rs 15.42 crore as of 31 March 2024 to Rs 15.47 crore as of 31 March 2025. Per share face Value remained same at Rs 5.00.

Promoters’ stake was 35.97% as of 31 March 2025 ,compared to 36.26% as of 31 March 2024 .

Full year results analysis.

Net sales (including other operating income) of Mastek has increased 13.11% to Rs 3455.23 crore.

Operating profit margin has declined from 16.65% to 15.82%, leading to 7.43% rise in operating profit to Rs 546.45 crore. Employee cost decreased from 54.70% to 53.80%. Other expenses rose from 28.65% to 30.38%.

Other income rose 39.16% to Rs 22.28 crore. PBIDT rose 8.40% to Rs 568.73 crore. Provision for interest fell 5.42% to Rs 42.06 crore. Loan funds rose to Rs 583.13 crore as of 31 March 2025 from Rs 518.96 crore as of 31 March 2024. Sundry debtors were higher at Rs 769.74 crore as of 31 March 2025 compared to Rs 561.31 crore as of 31 March 2024. Cash and bank balance rose to Rs 461.47 crore as of 31 March 2025 from Rs 382.61 crore as of 31 March 2024. Investments rose to Rs 178.03 crore as of 31 March 2025 from Rs 93.81 crore as of 31 March 2024 .

PBDT rose 9.67% to Rs 526.67 crore. Provision for depreciation fell 16.45% to Rs 75.12 crore. Fixed assets declined from Rs 243.63 crore as of 31 March 2024 to Rs 194.83 crore as of 31 March 2025. Intangible assets declined from Rs 1,707.24 crore to Rs 1,625.06 crore.

Profit before tax grew 15.69% to Rs 451.55 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 83.23 crore, compared to Rs 75.22 crore. Effective tax rate was 18.13% compared to 19.48%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 25.19% to Rs 375.93 crore.

Equity capital increased from Rs 15.42 crore as of 31 March 2024 to Rs 15.47 crore as of 31 March 2025. Per share face Value remained same at Rs 5.00.

Promoters’ stake was 35.97% as of 31 March 2025 ,compared to 36.26% as of 31 March 2024 .

Cash flow from operating activities decreased to Rs 395.13 crore for year ended March 2025 from Rs 420.37 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 20.12 crore, compared to Rs 31.45 crore during the year ended March 2024.

Order book: 12 months order backlog was Rs 2,290.9 crore ($264.5 mn) as on 31 st March, 2025 as compared to Rs 2,168.4 crore ($260.0 mn) in Q4FY24, reflecting growth of 5.6% in rupee terms and 0.3% in constant currency terms on Y-o-Y basis and Rs 2,138.7 crore ($249.8 mn) in Q3FY25, reflecting growth of 7.1% in rupee terms and 3.8% in constant currency terms on Q-o-Q basis.

Dividend: The Board of Directors have proposed final dividend of 320% (Rs 16 per share) at the meeting held on 18 th April, 2025

Management Commentary:

Commenting on the Q4FY25 results, Umang Nahata, Chief Executive Officer, Mastek, said: “We are pleased to report a steady performance in Q4FY25, delivering a revenue growth of 4.1% Q-o-Q and 16.1% Y-o-Y in rupee terms. We closed FY24-25 with strong annual revenue and PAT growth of 13.1% and 20.9% respectively in rupee terms, driven by disciplined execution across geographies and innovation across all service lines.

We continue to enhance our Data & AI capabilities across verticals, with a focused go-to- market approach targeting Fortune 1000 clients. Our 12-month order backlog grew by 7.1% Q-o-Q, reflecting strong order book performance sustained by demand for our Digital Engineering, Cloud and Data & AI services.

Our core business driven by UK & Europe and Oracle in US continues to grow strongly, particularly in the healthcare and commercial sectors. The UK healthcare and secured government services continue to show strong momentum, supported by the government’s 10- year modernization plan and increased investments in AI and data.

With strong cash & cash equivalent of Rs 622.2 crore in Q4FY25, we remain committed to operational efficiency and margin improvement. The Board has recommended a final dividend of Rs 16 per share cumulating to 460% for the year [prior year 380%]. While macroeconomic uncertainties persist, our sharp execution focus and deep client partnerships positions Mastek for sustainable and profitable growth in FY26 and beyond.”

Mastek : Consolidated Results

	Quarter ended			Year ended
Particulars	202503	202403	Var.(%)	202503	202403	Var.(%)
Net Sales (including other operating income)	905.42	779.73	16.12	3,455.23	3,054.79	13.11
OPM (%)	15.32	16.05	-72 bps	15.82	16.65	-84 bps
OP	138.75	125.11	10.90	546.45	508.67	7.43
Other Inc.	3.58	5.45	-34.31	22.28	16.01	39.16
PBIDT	142.33	130.56	9.02	568.73	524.68	8.40
Interest	9.62	9.22	4.34	42.06	44.47	-5.42
PBDT	132.71	121.34	9.37	526.67	480.21	9.67
Depreciation	18.66	27.49	-32.12	75.12	89.91	-16.45
PBT	114.05	93.85	21.52	451.55	390.3	15.69
Share of Profit/(Loss) from Associates	0	0	-	0	0	-
PBT before EO	114.05	93.85	21.52	451.55	390.3	15.69
EO Income	-8.13	0	-	7.61	-4.11	LP
PBT after EO	105.92	93.85	12.86	459.16	386.19	18.89
Taxation	24.85	-0.56	PL	83.23	75.22	10.65
PAT	81.07	94.41	-14.13	375.93	310.97	20.89
Minority Interest (MI)	0	2.35	-	0	10.68	-
Net profit	81.07	92.06	-11.94	375.93	300.29	25.19
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	81.07	92.06	-11.94	375.93	300.29	25.19
EPS (Rs)*	28.21	29.58	-4.61	119.49	98.09	21.82

* EPS is on current equity of Rs 15.47 crore, Face value of Rs 5, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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