Mastek zooms 20% on strong Q1 results

STOCK MARKET - Mastek is locked in upper circuit of 20% at Rs 359 on BSE with only buyers seen on the counter after the company reported more than six-fold jump in its consolidated net profit at Rs 14.66 crore in June quarter (Q1FY18).

The IT software products company had profit of Rs 2.34 crore in June 2016 quarter. It had profit of Rs 10.5 crore in March 2017 quarter.

Revenues from operations during quarter under review increased by 43.6% to Rs 186 crore from Rs 129 crore in the corresponding quarter of previous fiscal.

On constant currency terms, the revenue growth was 5.3% on sequential basis, Mastek said in a press release.

EBITDA (earnings before interest, tax, depreciation and amortization) margin expanded 170 basis points to 13.2% in Q1FY18 as against 11.5% in Q4FY17, it added.

The stock is trading close to its 52-week high of Rs 363 touched on May 11, 2017 on BSE in intra-day trade. The trading volumes on the counter surged 10-fold with a combined 3.78 million shares changed hands on NSE and BSE. There were pending buy orders for 246,622 shares on both the exchanges at 1:29 pm.