USD 215 million order book and FIIs & DIIs increase stake: This multibagger IT company bags a EUR 8.5 million order from UK’s Government Digital Service!
Shares of the company have gained about 30 per cent in the last six months.
Mastek Limited has been awarded a £8.5 million contract from the UK's Government Digital Service (GDS). The contract is for the design, build, and operation of the GOV.UK One Login Technical Service Desk (TSD). The TSD will serve as a single point of contact for resolving technical queries and issues 24*7. Mastek will design the TSD solution with proactive monitoring and alerting systems that support operational best practices. Mastek is delighted to partner with 6point6 in the provision of collaborative cyber and fraud capabilities for operating the TSD service.
Mastek is an enterprise digital and cloud transformation partner that engineers excellence for customers in industries such as healthcare and life sciences, retail & consumer, manufacturing, financial services, and the public sector across 40 countries, including the UK, US, Europe, the Middle East, and Asia Pacific.
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The company posted robust Quarterly Results. The revenue of the company for Q2FY24 stood at Rs 765.54 crore which grew by 22.43 per cent YoY. The operating profit of the company stood at Rs 127.87 crore, while the PAT of the company stood at Rs 65.29 crore, which declined by of 24.26 per cent YoY. FIIs and DIIs have increased their stake in the company to 13.93 and 5.99 per cent in September 2023 respectively.
In Q1FY23, the company added 22 new clients across various industries and regions. The order booking was mixed across geographies, with delays and right-shifting in decision-making continuing. However, the US and non-UK Europe showed positive momentum in order booking. As a result, the company's 12-month order backlog stands at USD 215 million, reflecting a 16.9% year-on-year increase. The shares of the company have gained about 500 per cent in the last five years.
Investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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