Mastek Q3FY22 Revenue at $73.6 Mn; Up by 22.4% Y-O-Y Basis 12 Months Order Backlog Grew by 34.3% Y-O-Y

DALLAS, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Mastek, a global Digital Engineering & Cloud transformation specialist, announced today its financial results for the Third quarter and Nine Months of FY2022 ended on 31 Dec. 2021.

Commenting on the Q3Y22 results, Hiral Chandrana, Global Chief Executive Officer at Mastek, said: "We have delivered consistent revenue and order book growth with robust performance across geographies in Q3FY22. Our account mining and integrated solutioning efforts have led to revenue growth in our strategic bets, including Health and Life Sciences and our Data/ Automation & Oracle Cloud services. We had strong deal momentum which is reflected in our 12 months order backlog of US$171 mn, end of December 2021. As part of our Strategic Vision 2025 that will drive accelerated growth over the next three years, we have onboarded two new global executives, one to lead Marketing & Partnerships and another for Innovation & Platforms as we continue to deliver differentiated business value for our clients across digital & cloud programs."

Arun Agarwal, Global Chief Financial Officer at Mastek, said: "Q3FY22 is another quarter where we demonstrated the resilience of our business and delivered a strong financial performance. We reported operating revenue of US$73.6 mn, a growth of 22.4% on Y-o-Y basis, reinforcing the strong fundamentals of our business in a seasonally weak quarter. Despite industry-wide challenges driven by high attrition, investment in talent retention and lateral hires, we have been able to maintain a healthy operating EBITDA margin at 21.1%. I am pleased with the increasing average deal size in the UK and other geographies. We are confident that our next-gen capabilities, sectoral expertise and client mining strategy are well placed to ensure the velocity at which we grow, add value to our customers and maximize value for our shareholders."

Key Financial Highlights for Quarter ended 31 Dec. 2021:

  • In USD:
    • Revenue was US$73.6 mn (CC growth: 3.7% Q-o­­‑Q / 20.9% Y-o-Y)
    • Net profit was US$11.1 mn (growth of 1.2% Q-o-Q / 17.3% Y-o-Y)
  • In INR:
    • Revenue was Rs 551.9 crores (growth of 3.4% Q-o-Q / 24.6% Y-o-Y)
    • Net profit was Rs  83.5 crores (growth of 2.4% Q-o-Q / 18.7% Y-o-Y)

Operating highlights:

  • New accounts added during the quarter: The Company added 25 new clients in Q3FY22. Total active clients during Q3FY22 was 421 as compared to 447 in Q2FY22. 
  • 12 months Order Backlog: 12 months order backlog was Rs 1,271.3 crores ($171.0 mn) as on 31 Dec. 2021 as compared to Rs 1,154.3 crores ($155.5 mn) in Q2FY22, reflecting a growth of 10.1% in rupee terms and 9.9% in constant currency terms on Q‑o‑Q basis and Rs 946.7 crores ($129.6 mn) in Q3FY21, reflecting a growth of 34.3% in rupee terms and 33.7% in constant currency terms on Y-o-Y basis.
  • Employees:  As of 31 Dec. 2021, the company had a total of 4,785 employees, of which 3,581 employees were based offshore in India while the rest were at various onsite locations. Employee count at the end of 30 Sept. 2021 was 4,510.
  • Dividend: The Board of Directors has recommended an interim dividend of 140% (Rs 7 per equity share) at the meeting held on 19 Jan. 2022.

Key wins for the quarter: During the quarter, we continued to experience momentum in winning deals as illustrated below:

  • Mastek's largest deal win under Data & Automation in Healthcare. It is a major four-year contract with NHS, wherein Mastek will design, develop & operate national IT & data services that will support clinicians at work, help patients get the best care, and use data to improve the health of citizens. The program intends to drive data intelligence to ensure patient safety at a national level for the use of medical devices and implants.
  • Mastek won a multi-million dollar, integrated solution deal for a Marketing & Sales Agency with 20,000 employees serving Retail/ Consumer clients. Mastek will transform the customer's value chain from front to back-office applications with Oracle Lead to Cash cloud solutions, Salesforce CPQ and various other bespoke API & Microservices.
  • Mastek will develop key applications for Army personnel to enable usage of enterprise systems Anytime, Anywhere. Further, Mastek has won a re-bid for multi-year flagship 'Identity and Access Management Service' which will be delivering the department's vision of 'a single identity for all' & will help in mitigating security risks and improve productivity.
  • Mastek would transform the Core Banking Platform for one of its UK-based BFSI clients using AI, Analytics, AWS & Microservices; increase DevSepOps adoption & reduce time to market for product launches/ critical regulatory changes. Mastek will provide integration services for complex ecosystem of applications, tools & technologies.
  • Large multi-million dollar Cloud Managed Services deal with a leading U.S.-based in-home healthcare service provider that provides quality care through local hospitals and local care agencies to deliver superior patient experience. This builds on the successful multi-tower Oracle cloud implementation that went live recently. Mastek will support the customer to drive a clinically driven operational model, to serve high-quality medical staff and provide a comprehensive healthcare package with tools to ensure business alignment from a cost, productivity and operational perspective.
  • Mastek has entered into a partnership and a transformation win with one of the nation's largest truckload carriers and logistics providers. The deal had fierce competition from large SIs, and the scope includes implementing multi-pillar Oracle Cloud solutions (ERP, EPM, SCM, CPQ) to maximize their operational excellence, offering a richer set of results that will lead to improved business outcomes.

Awards & Accolades: During the quarter, Mastek and its Subsidiaries received awards and recognitions conferred by reputable organizations. Some of them are:

  • Our efforts to provide a conducive work environment to all Mastekeers and inclusive practices that support all-round talent development was noticed by the Employer Branding Institute along with the World HRD Congress that awarded Mastek the Top Employers brand in Maharashtra for 2021. 
  • Mastek is a finalist in two European Software Testing Awards categories: Testing Team Management of the Year and Testing Team of the Year.
  • Mastek CIO was awarded as the 'The Futuristic 100' at the 16th edition of CIO100 Symposium & Awards by IDC.
  • Mastek's efforts to provide employee-friendly digital facilities have been reinforced as Mastek was conferred with the award for Professional Excellence in Procurement and Workplace Management at the 134th Procurement, Project Management, Corporate Real Estate, Facilities Management 2021 Mumbai Leadership Award Summit held on 14 Dec. 2021.

About Mastek

Mastek (NSE: MASTEK; BSE: 523704), is a global Digital Engineering & Cloud Transformation specialist that delivers Innovative Solutions and Business Outcomes for clients in Healthcare & Life Sciences, Retail, Manufacturing, Financial Services, Government/Public Sector, etc. We enable Customer Success and business change programs by partnering with enterprises to unlock the power of data, modernize applications to the cloud, and accelerate digital advantage for our clients. Our service offerings include Digital & cloud engineering, Digital commerce & experience (D2X), Oracle Cloud implementations, Data, Automation & AI, Agile consulting, and SaaS/Cloud managed services across multiple technology platforms & industry clouds. Customers Trust Mastek to deliver Business Value with Velocity and we operate in 40+ countries including UK, Americas, Europe, Middle East, APAC with ~5000 employees. Evosys - A Mastek company, is an Oracle Platinum partner and a leading Oracle Cloud implementation and consultancy company and has executed programs for 1,200+ Oracle Cloud clients.

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Asha Gupta    

Christensen Advisory, India
Damini Jhunjhunwala

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