Economic meltdown, delayed orders pull down Mastek's revenue, PAT | business | Hindustan Times
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Economic meltdown, delayed orders pull down Mastek's revenue, PAT

business Updated: Oct 09, 2009 16:20 IST
PTI
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The global economic meltdown combined with some expected orders getting delayed pulled down IT major Mastek's PAT to Rs 26.4 crore for the quarter ended September 30, as compared to Rs 41.2 crore in the year-ago period, a top company official said.

"The economic downturn plus a delay in sealing some orders resulted in our revenue falling and consequently impacting our bottomline in the quarter. However, we expected this quarter to be a difficult one," Mastek's Chairman and Managing Director, Sudhakar Ram, told PTI in Mumbai on Friday.

The company which follows a July 1-June 30 financial year, posted a revenue of Rs 191.4 crore in the quarter, down from the Rs 261.7 crore in the year-ago period.

Ram, however, exhibited optimism about the period ahead, saying "we expect a revival from the next quarter onwards and beginning this quarter, we expect a better order-book."

The company added three clients in the reporting quarter. The company normally adds around 15 clients a year but this time given the difficult economic environment, it could be lower.

Ram, however, said that "if the market revives, then we could add the same number this year as well."

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