Mastek surges 15% on strong Q4 results
Shares of Mastek surged 15% to Rs 273 on BSE in early morning trading after the company reported a strong 29% quarter on quarter (QoQ) growth in net profit at Rs 14.5 crore in March quarter (Q4FY17).
Total revenue of the company increased 42% QoQ to Rs 182 crore during the quarter under review against Rs 128 crore in Q3FY17.
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“On constant currency, the company recorded revenue growth of 42.3% (organic growth of 5.7%) on sequential basis," Mastek said in a press release.
Earnings before interest, tax, depreciation and amortization (EBITDA) margin stood at 12.4% as against 12.1% in previous quarter.
The company said the growth for the quarter driven by revenue addition from Taistech.
Mastek's 12-month order backlog was Rs 333 crore, including Taistech as on Q4FY17 as compared to Rs 227 crore at the end of Q3FY17, up 47% in rupee terms and up 52% in constant currency, it added.
At 10:15 am; the stock was up 12.6% at Rs 268 on BSE as compared to 0.2% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 2.45 million shares changed hands on BSE and NSE so far.
In past one month, the stock rallied 52% against unchanged in benchmark index.