Mastek offers to buyback shares

Mastek Ltd has informed that the Board of Directors of the Company at its meeting held on October 11, 2007, has approved the buyback of the Company's equity shares at a price not exceeding Rs 750 per share, upto an aggregate amount of Rs 65 crores, being within 25% of the total paid-up capital and free reserves as per the audited Balance Sheet as at June 30, 2007, subject to the approval of the shareholders through postal ballot. The Company proposes to buy back shares through open market purchases from time to time.

Mastek business outlook

The Company's past efforts and recent initiatives have begun to yield results, as reflected in the noticeable growth in existing client relationships, low attrition levels, and a more attractive opportunity pipeline. This trend is likely to continue and gain pace as the Company capitalizes upon unfolding opportunities during the subsequent quarters.

For the October-December 2007 quarter, Mastek expects its consolidated total income to reflect improved contributions from all key geographies and be in the range of Rs 215 to Rs 220 crore. Net profit after tax and minority interest is likely to be in the range of Rs 25.5 to Rs 26.5 crore.

For the full year FY 2008, the Company is expected to deliver a 35% growth (in dollar terms) over FY 2007 (after excluding contributions from the Deloitte JV) on the back of a strong sales pipeline and additional strategic acquisitions.

Mastek announces Q2 results

Mastek Ltd has announced the following Unaudited Results for the quarter ended September 30, 2007:

The Company has posted a net profit of Rs 169.50 million for the quarter ended September 30, 2007 where as the same was at Rs 179.40 million for the quarter ended September 30, 2006. Total Income is Rs 1456.10 million for the quarter ended September 30, 2007 where as the same was at Rs 1241.30 million for the quarter ended September 30, 2006.

The Consolidated Results are as follows:

The Group has posted a net profit after tax & minority interest of Rs 251.20 million for the quarter ended September 30, 2007 where as the same was at Rs 211.90 million for the quarter ended September 30, 2006. Total Income is Rs 2114.90 million for the quarter ended September 30, 2007 where as the same was at Rs 1989.20 million for the quarter ended September 30, 2006.

The figures for the quarter ended September 30, 2007, are not comparable with the corresponding previous year's figures since with effect from March 09, 2007, the Company has sold its stake in JV with Deloitte.

Commenting on the results, Mr. Sudhakar Ram, Chairman and Managing Director, of the Company said, "We are pleased to note that our new financial year has commenced on a strong note. With an expanded opportunity pipeline resulting from the recent US acquisition in the insurance vertical, and continued focus on the IP-led enterprise applications market, we are confident that a 35% growth in dollar terms in FY2008 is achievable. The tong term outlook is even better, given the initiatives we are implementing in both our target verticals.

We have also made further additions to our Board and leadership team during the quarter in line with anticipated growth, and our share buy-back initiative demonstrates the confidence we have in our Company and shows our commitment to maximize long-term shareholder value."

Mastek Ltd

Macquarie Bank has sold 417500 shares of Mastek on 28-AUG-2007 which is 1.47% of the equity.

They hold only 2.01% - 571489 shares of Mastek now