Comparing Mastek with Intellect is not a fair comparison. It is like comparing apple to oranges, even if both are from IT sector in my view.
Intellect sells IT product (like Microsoft Office) and it has made huge investment and expertise in the sector. Earlier used be called as Polaris, which is split into two companies and one company being Intellect. The other remaining company from Polaris was Polaris Consulting. One could compare Polaris consulting with Mastek since both were in IT service company. Mastek also divested Majesco as a seperate insurance product company. One could compare Intellect with Majesco.
In case of Mastek, they get money based on amount of project they execute. If they did business of 100 cr, they get certain fraction of it as a Net profit (e.g 10 Cr). Profitability is directly proportional to revenue.
In case of Intellect, they have invested heavily in products for over decades. They bought IT products from Citibank in 2001-2002 and have been enhancing ever since. As a result of their multi decade domain experience in finance, they are making good in-roads into majors banks across the globe. Of the 10+ products which they have on their stable, only 2 or 3 (I do not remember exact number) are profitable and other they are aiming to become profitable in near future. Once it happens (do not know when), PAT growth will be non linear. Also, Intellect’s products are all mission critical products and once client buys it it cannot change it very easily. This offer stickiness and strong MOAT to intellect. Same cannot be said by Mastek. Client can replace Mastek with other vendor if they wish to.
Note: Invested in Mastek/Intellect.