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27 Years
4.4 Star
1 Crore +
Software & Services company Mastek announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue from operations: Rs 779.7 crore, up 9.9% YoY.
- Operating EBITDA margin: 16.0%
- Net Profit Margin: 12.0%, improved by 178 basis points YoY.
- New clients added: 22
- Total active clients: 430
FY24 Financial Highlights:
- Total revenue from operations: Rs 3,054.8 crore, up 19.2% YoY.
- Attrition rate (last twelve months): 20.5%
- Total employee count (as of March 31, 2024): 5,539; Offshore employee count (based in India): 3,892
- The 12-month order backlog showed a significant QoQ growth of 4.9% in rupee terms and stood at Rs 2,168.4 crore (USD 260.0 million).
- Mastek's Board of Directors proposed a final dividend of 240%, which translates to Rs 12 per share.
Commenting on the FY24 results, Hiral Chandrana, Chief Executive Officer, Mastek, said: "Q4FY24 revenue was below our expectations at USD 93.7mn, a marginal decline of 0.3% QoQ in dollar terms due to offshore movement of a large program, and impact of 2 clients in the US. However, we had our highest ever order book (OB) with some marquee annuity deal wins in US this quarter. FY24 was a transformational year for us, we are pleased to have delivered revenue growth of 15.8% YoY in dollar terms on a full year basis, with disciplined execution across all geographies. The demand for our Digital Engineering, Cloud and Data/Al services remains strong as reflected in our 12 month order backlog which grew 19.1% Y-o-Y in dollar terms and we are well-positioned to deliver robust growth in FY25."
Arun Agarwal, Chief Financial Officer, Mastek, said: "We reported Q4FY24 revenue of Rs 779.7 crore, a marginal decline of 0.6% Q-o-Q basis in Rs terms. However, we are confident to deliver industry-leading growth in FY25, with strong 12 month order backlog which stood at USD 260.0mn, reflecting a growth of 4.6% QoQ in dollar terms. Our operating cash flow consistently improved during the year with closing cash & cash equivalent standing at Rs 473.3 crore. In FY24, we delivered an operating EBITDA growth of 11.6% on YoY. While macro uncertainties and customer delays prevail, growth in our pipeline, key lead indicators, and strategic priorities positions us well to continue our growth journey in the coming quarters and years."
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