Mastek not looking at any staff reduction; attrition has reduced workforce: CEO
Empower your mind, elevate your skills
Mid-tier IT company Mastek is not targeting any reduction in its workforce due to ongoing shifts in the tech world, a top official said on Thursday.The company has seen a reduction in the overall staffing to 4,800 from 5,500 a year-ago due to attrition and has not replaced many of the roles, its chief executive Umang Nahata told PTI.He said the attrition was "largely" voluntary, hinting that there may have been some cases where it may be involuntary in nature."We have seen a reduction in the overall employees and we have not replaced the talent with hiring. However, we do not have any plans of reducing workforce by 2% or 5%," he said.The comments come days after sector leader TCS stunned all by an announcement to reduce the number of jobs by 2% or 12,000 people, which has led to concerns about the future of tech jobs amid increased adoption of artificial intelligence and automation.Going ahead, the company is aiming for a mid to high double-digit revenue growth on the back of healthy performance in the UK and North American markets, he said, adding that the effort is to increase the revenue per resource.Nahata said almost the entire work force is trained in AI-related skills now, and almost entire work can be classified as "digital" in nature.In the April-June period, it has signed deals of $16 million revenue potential, which are 100 per cent AI-related deals, he said, adding that the effort of the company is to target the AI segment in a novel way.Amid worries over returns on investment from AI deployment and difficulties selecting the right platforms, it is concentrating on offering AI adoption services which will be outcome-based to the mid-tier clients who may not typically engage with big system integrators or consultants.The company may look at tuck-in acquisitions of companies having complementarities going ahead, Nahata said, acknowledging that zeroing in on the right target is very difficult given the changing nature of technology.The company celebrated 30 years of listing on the bourses on Thursday, with the management ringing the bell at the country's largest stock exchange, NSE When asked about the corrections in the company stock, which has declined substantially since December, Nahata said the issues are with perception and not performance, and even the multiples the share is trading at is low when compared with peers.The Mastek share closed 2.10% down at Rs 2,415.95 apiece on the BSE on Thursday, as against a 0.36% correction on the benchmark.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scroll.in
4 minutes ago
- Scroll.in
UKPSC Lower PCS Mains 2025 fee window opens today; to be held in September
Uttarakhand Public Service Commission (UKPSC) will soon open the fee submission window for the Uttarakhand Combined State Civil/Lower Subordinate Services (Mains) Examination 2024. Eligible candidates can submit the required fee at till August 18, 2025. A total of 1771 candidates have been shortlisted for the Main exam scheduled to be held on September 13 and 14, 2025. The Preliminary exam was conducted on May 11, and the results were declared on July 29, 2025. The recruitment drive aims to fill 113 vacancies. Fee Applicants from Unreserved/ EWS/ OBC categories are required to pay a fee of Rs 172.30, whereas SC/ ST category candidates have to pay the fee of Rs 82.30. A fee of Rs 22.30 applies to PwD category candidates.
Mint
4 minutes ago
- Mint
Highway Infrastructure IPO opens tomorrow: GMP, issue details, 10 key things to know
Highway Infrastructure IPO opens for subscription on tomorrow (Tuesday, August 5). Highway Infrastructure Limited, founded in 1995, is an Indian firm dedicated to infrastructure development and management, particularly specializing in toll collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The company excels in the construction and upkeep of roads, highways, bridges, and residential properties. As of May 2025, Highway Infrastructure's total orderbook was estimated at ₹ 666.3 crore, comprising ₹ 59.5 crore from the toll collection sector and ₹ 606.8 crore from the EPC infrastructure division. In the previous fiscal year, the toll collection segment represented 77 percent of the company's revenue, while the EPC infrastructure division accounted for 21 percent, with the rest coming from the real estate sector. Highway Infrastructure recorded a profit of ₹ 22.4 crore in fiscal 2025, reflecting a 4.6 percent increase from the preceding year, despite an overall revenue decline, aided by other income and operational performance. During the same period, revenue fell by 13.6 percent to ₹ 495.7 crore. According to the red herring prospectus (RHP), the company's listed competitors include Udayshivakumar Infra Ltd, IRB Infrastructure Developers Ltd (which has a P/E of 44.38), and H.G. Infra Engineering Ltd (with a P/E of 14). Highway Infrastructure IPO date: The issue opens for subscription on Tuesday, August 5 and closes on Thursday, August 7. Highway Infrastructure IPO price band: The issues' price band has been fixed in the range of ₹ 65 to ₹ 70 per equity share of face value of ₹ 5. Highway Infrastructure IPO lot size: The IPO lot size is 211 equity shares and in multiples of 211 equity shares thereafter. Anchor investors: The allocation to anchor investors for Highway Infrastructure IPO is scheduled to take place today (Monday, August 4). Highway Infrastructure IPO details: The IPO includes a new issuance of equity shares totaling ₹ 97.5 crore, as well as an offer-for-sale of 46.4 lakh shares from the promoters, Arun Kumar Jain and Anoop Agrawal. Highway Infrastructure IPO objective: The firm, involved in the development and management of infrastructure, operates in the areas of toll collection, EPC infrastructure, and real estate. It intends to set aside ₹ 65 crore from the proceeds of the fresh issue for its working capital requirements, while the rest of the funds will be used for various corporate purposes. Highway Infrastructure IPO listing date and allotment details: The basis for the allotment of shares for the Highway Infrastructure IPO is expected to be determined on Friday, August 8, and refunds will be processed by the company on Monday, August 11. On the same day as the refunds, shares will be credited to the demat accounts of the allottees. The share price of Highway Infrastructure is anticipated to debut on the BSE and NSE on Tuesday, August 12. Lead Manager and Registrar of Highway Infrastructure IPO: Pantomath Capital Advisors Pvt Ltd is the primary manager overseeing the Highway Infrastructure IPO, and Bigshare Services Pvt Ltd is responsible for acting as the registrar for this offering. Highway Infrastructure IPO reservation: The company IPO has reserved not more than 30% of the shares in the public issue for qualified institutional buyers (QIB), not less than 30% for non-institutional Institutional Investors (NII), and not less than 40% of the offer is reserved for retail investors. Highway Infrastructure IPO GMP today: Highway Infrastructure IPO GMP today is +40. This indicates Highway Infrastructure share price were trading at a premium of ₹ 40 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Highway Infrastructure share price was indicated at ₹ 110 apiece, which is 57.14% higher than the IPO price of ₹ 70. According to the grey market activities over the past 11 sessions, the IPO GMP is trending upward today and is anticipated to have a robust listing. The minimum GMP recorded is ₹ 0.00, while the maximum GMP is ₹ 40, as noted by experts from 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Economic Times
4 minutes ago
- Economic Times
Adani Ports Q1 preview: PAT may jump up to 26% YoY, revenue to rise in double-digits on robust volumes. Check 4 likely takeaways
Gautam Adani-led Adani Ports and Special Economic Zone (APSEZ) will announce its Q1 earnings on Tuesday, August 5. The company is expected to post a strong set of numbers, driven by volume growth, improved realisations, and higher contributions from the logistics business. ADVERTISEMENT Brokerages expect revenue to grow between 14% and 28% YoY, while profit after tax (PAT) could rise 7–26% YoY. Margin performance, however, is expected to be mixed due to base effects, operational changes, and sale-related distortions in the previous year. Estimates from PhillipCapital, Nuvama Institutional Equities, Motilal Oswal Financial Services (MOFSL), and Kotak Institutional Equities have been considered. PhillipCapital: Rs 3,156 crore (up 25.5% YoY, 2.5% QoQ) Rs 3,156 crore (up 25.5% YoY, 2.5% QoQ) Nuvama: Rs 2,899 crore (up 19% YoY, 2% QoQ) Rs 2,899 crore (up 19% YoY, 2% QoQ) MOFSL: Rs 3,079 crore (up 17% YoY) Rs 3,079 crore (up 17% YoY) Kotak Equities: Rs 3,173 crore (up 7.4% YoY, 10.8% QoQ) Strong PAT growth is expected due to operational efficiency and volume-led topline growth. Kotak notes the prior-year base includes a Rs 600 crore gain from the Ennore stake sale, which may moderate headline growth. However, normalized numbers show a healthy 20% increase. PhillipCapital expects higher tax efficiency and interest savings to support net earnings. PhillipCapital: Rs 8,904 crore (up 28% YoY, 4.9% QoQ) Rs 8,904 crore (up 28% YoY, 4.9% QoQ) Nuvama: Rs 9,003 crore (up 19% YoY, 6% QoQ) Rs 9,003 crore (up 19% YoY, 6% QoQ) MOFSL: Rs 8,584 crore (up 23.4% YoY) Rs 8,584 crore (up 23.4% YoY) Kotak Equities: Rs 8,644 crore (up 14.3% YoY, 1.8% QoQ) PhillipCapital expects consolidated revenue to rise 19% YoY, with port volumes growing 11% and realisations up 5%. Kotak models 11%/13% YoY growth in port volume/revenue, driven by a 19% YoY rise in container volumes. The growth is supported by Vizhinjam's scale-up and the commissioning of the Colombo terminal. ADVERTISEMENT Kotak also notes a 6% YoY rise in the residual portfolio, which is reasonable amid current sector trends. They forecast 14% overall revenue growth, boosted by the Astro requisition and an uptick in logistics income, offsetting the high base from the Ennore stake sale. ADVERTISEMENT PhillipCapital: Rs 5,159 crore (up 21.6% YoY, 3.1% QoQ) Rs 5,159 crore (up 21.6% YoY, 3.1% QoQ) Nuvama: Rs 5,110 crore (up 6% YoY, 4% QoQ) Rs 5,110 crore (up 6% YoY, 4% QoQ) MOFSL: Rs 5,159 crore Rs 5,159 crore Kotak Equities: Rs 5,112 crore (up 5.5% YoY, 2.1% QoQ) PhillipCapital: 57.9% (down 307 bps YoY, 103 bps QoQ) 57.9% (down 307 bps YoY, 103 bps QoQ) Nuvama: 56.8% (marginal compression) 56.8% (marginal compression) MOFSL: 60.1% (down YoY from 61%, up 110 bps QoQ) 60.1% (down YoY from 61%, up 110 bps QoQ) Kotak Equities: 59.1% (up 499 bps YoY, 16 bps QoQ) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
