Today, Mastek unveiled its results for the Q2 ended September 30th, 2016. The company reported more-than-doubled consolidated net profit to Rs 7.7 crore for the second quarter ended for the financial year 2017 (Q2FY17), despite the decline in operational income. The information technology (IT) company had declared a profit of Rs 2.7 crore in the year-ago quarter.
Mastek share price rose 15% on the NSE in the intraday trade today.
Total income from operations decreased 4.3% at Rs 126 crore in Q2FY17 as compared to Rs 132 crore in Q2FY16.
The company reported the profit of Rs 3.6 crore on revenues of Rs 130 crore in Q1FY17. It also posted the constant currency revenue growth of 1.5% on a quarter on quarter basis.
EBITDA (earnings before interest, taxes, depreciation, and amortization) margin surged 260 basis points (bps) sequentially and 420 bps from the previous financial year quarter at 10.7%.
At 3:30 PM, Mastek share price was trading at Rs. 148.70 with the rise of 12% against the 1.85% rise in the Benchmark Index Nifty and 1.89% rise in the BSE S&P Sensex. So far over 57 lakhs shares changed hands over the NSE counter as against the average volume of 205788 for twenty days.
The growth for the quarter was due to the ongoing operational improvement initiatives, effective cost management and the decline in tax expenses.
The board has permitted payment of interim dividend at Rs 1 per share of the face value Rs 5 per share amounted to 20%, which will be paid to the eligible shareholders on or before November 16, 2016.
The company has the consolidated PE of 22.33 for the financial year 2015-2016 while its standalone PE for the same financial year stands at 22.97. The consolidated trailing PE is 23.97 while the standalone trailing PE is 17.44. For the levels of support and resistance, visit Mastek share price forecast page of Dynamic Levels website.
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