Mastek Limited - Midsize IT company

My two cents…

Here are rolling Revenue numbers seen QoQ split by region.

  • The US revenue numbers in absolute terms have crossed 100 crores. US is growing faster than other regions for now
  • UK is still growing but the growth rate has slowed for 9 straight quarters (QoQ)

Here is Emp Growth contrasted against 12M order BL.

  • Both continue to grow in lock-step and at a healthy pace

Net Employees added
image

  • Despite high attrition this is the second highest number of employees added in absolute terms.

Company has typically executed 48% of previous quarters reported 12M Backlog.


In Summary

  • Highest ever revenue (after demerger) from US, crosses 100 Crores
  • Added 275 new employees despite high attrition
  • Highest ever order book at 1271 crores
  • Maintained Margin

BUT

  • Slowing growth, lowest QoQ growth since Evosys acquisition
  • Sluggish growth in the UK business

OUTLOOK

  • Next quarter a 10 to 12% QoQ revenue growth could be likely (based on order book, typically 48% of previous quarters 12M order backlog is executed in a quarter)
  • An acquisition is likely to be announced (based on management commentary and recent favorable tech valuations). This will further bump up employee counts, EVOSYS had added 1,254 employees.
19 Likes