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Mastek Ltd - Key Operating Highlights for Q2FY21

Posted On: 2020-10-29 20:33:49

Mastek, a global IT player and a trusted partner in complex digital & agile transformation programs in the Government and Global Enterprises worldwide, announced today its financial results for the Second quarter & Half year of FY21.

Operating highlights:

New accounts billed during the quarter: The Company added 37 new clients in Q2FY21. Total client count as of 30th September, 2020 was 542 (LTM) as compared to 504 (LTM) in Q1FY21.

12 month Order Backlog: 12 month order backlog was Rs 940.5 crore ($127.5 m) as on 30th September, 2020 as compared to Rs 764.5 crore ($101.3 m) in Q1FY21, reflecting a growth of 23% in rupee terms and 22.4% in constant currency terms on Q-o-Q basis and Rs 626.5 crore ($88.4m) in Q2FY20 reflecting a growth of 50.1% in rupee terms and 42.0% in constant currency terms on Y-o-Y basis.

Employees: As on 30th September, 2020, the company had a total of 3354 employees, of which 2283 employees were based offshore in India while the rest were at various onsite locations. Employee count at the end of 30th June, 2020 was 3,321.

Dividend: The Board of Directors have recommended an interim dividend of 110% (Rs 5.5 per share) at the meeting held on 29th October, 2020.

Cash Balance: The total cash, cash equivalents and fair value of Mutual Funds stood at Rs 476.4 crore as on 30th September, 2020 as compared to Rs 458.2 crore at the end of 30th June, 2020. Net Cash balance (after adjusting for debts) stood at Rs 223.4 crore as on 30th September, 2020 as compared to Rs 173.0 crore at the end of 30th June, 2020. Mastek repaid loan of $5.0m during Q2FY21, and total borrowing stands at $34.1m as of 30th September, 2020.

Monetization of Majesco USA stake: Mastek(UK) Limited who was holding 2,018,192 stocks in Majesco (USA), tendered its entire stake with the Acquirer of Majesco (USA) for cash and received the consideration aggregating to $32.3m on 19 October 2020.

Commenting on the Q2FY21 results, John Owen, Group CEO, Mastek,said: "Despite a volatile global environment and unprecedented times, I am very pleased with our broad based performance along with the revenue growth of 68.2% YoY and operating EBITDA margin of 21.1% for the quarter. Also, glad to see that we maintained our overall Group growth momentum. The performance was balanced with strong order backlog and cash flows which is an evidence of our resilient business model, respected relationships with our customers and consistent execution delivered by Mastekeer's and my leadership team, in spite of headwinds created by pandemic. Globally, organizations are accelerating the adoption of digital technology to strengthen recovery and transform their businesses, this creates a huge opportunity for Mastek as a Next Generation Services Partner. I am confident that our disciplined approach of Cut & Grow strategy helped to build on our existing strengths and consequently will drive focused growth in coming quarters. Our integration of Evosys continues to be in line with our expectations. I take this opportunity to thank the loyal support and trust of our customers and the committed Mastekeers who serve them with exceptional pride, honour and dedication."

Abhishek Singh, Group CFO, Mastek, said: "Q2FY21 results are a testament of business resilience, committed workforce and a trusting clientele that has driven stellar business performance. I am happy to report an allround growth on all the lead and lag indicators of financial performance. Our revenues grew by 6.1% sequentially, EBITDA margins stood at 21.1% and 12 month Order backlog grew 23% QoQ. We added 37 new customers on the backdrop of increasing demand for digital transformation and cloud migration services. We witnessed robust free cash flow (FCF) of Rs 154.1 crore at 145.7% of Net Income. This is our best performance on profit, margins and cash flow over last few years, setting base for future. Our Board of Directors have proposed an interim dividend of 110% or Rs. 5.50 per share. We endeavour to maintain the momentum going forward."

Shares of MASTEK LTD. was last trading in BSE at Rs.803 as compared to the previous close of Rs. 791.65. The total number of shares traded during the day was 4863 in over 936 trades.

The stock hit an intraday high of Rs. 820 and intraday low of 770.65. The net turnover during the day was Rs. 3835810.

Source: Equity Bulls

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