Mumbai (Maharashtra) [India], July 30 (ANI): Leading IT player Mastek has reported 59 per cent growth in its total income during the first quarter of current fiscal at Rs 403 crore from Rs 253 crore in Q1 FY20.
Net profit moved up 92 per cent from Rs 24 crore to Rs 47 crore in Q1 FY21 as the company added 48 new clients, taking the total number to 504.
Chief Financial Officer Abhishek Singh said the quarter saw record free cash flow of Rs 99 crore being 212 per cent of net income which enabled the company to prepay six million dollars in debt.
Chief Executive Officer John Owen said no company is immune from the inevitable global headwinds of COVID-19. "Therefore, I am especially pleased Mastek exits Q1 with a healthy order backlog, revenue growth and solid cash flow primarily driven by restricted exposure to those sectors that have been hardest hit by COVID."
He said the company's focus on operational efficiencies aided it to report strong top-line growth of 14.7 per cent and maintained healthy operating earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 17.6 per cent.
Mastek is an enterprise digital transformation specialist that enables large-scale business change programmes for customers in India, the United States and Britain. (ANI)