Latest news with #Mastek
Time of India
12 hours ago
- Business
- Time of India
Mastek not looking at any staff reduction; attrition has reduced workforce: CEO
Academy 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 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 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 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 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 said almost the entire work force is trained in AI-related skills now, and almost entire work can be classified as "digital" 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 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 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 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 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.
Economic Times
12 hours ago
- Business
- Economic Times
Mastek not looking at any staff reduction; attrition has reduced workforce: CEO
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.
News18
13 hours ago
- Business
- News18
Mastek not looking at any staff reduction; attrition has reduced workforce: CEO
Agency: PTI Last Updated: Mumbai, Jul 31 (PTI) 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 per cent or 5 per cent," he said. The comments come days after sector leader TCS stunned all by an announcement to reduce the number of jobs by 2 per cent 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 USD 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 per cent down at Rs 2,415.95 apiece on the BSE on Thursday, as against a 0.36 per cent correction on the benchmark. PTI AA HVA view comments First Published: July 31, 2025, 20:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
New Indian Express
21-07-2025
- Business
- New Indian Express
Shares of Mastek surges over 9% on strong Q1 earnings, net profit up nearly 29%
CHENNAI: The shares of information technology firm Mastek surged over 9% in intraday trading on NSE on the back of strong quarterly results for the first quarter of the financial year 2025-2026. The IT company's profit for Apr-Jun surged by 28.7% on year to Rs. 92.1 crore. The company which is a global provider of enterprise AI, digital, and cloud services, announced its financial results for Apr-Jun on Friday. The company's net revenue from operations for the reporting quarter rose 12.5% on year to Rs. 914.7 driven by growth in healthcare and secured government services and strong performance in the UK and Europe, Umang Nahata, Chief Executive Officer, Mastek, said in a press release on Friday. Mastek's operational profit grew by 10.8 percent year-on-year to Rs 137.3 crore. Operating margin stood at 15%, declined marginally by 31 basis points due to investments in talent and capabilities, the company said. At 1.02 pm, shares of the company was 9.0% up at Rs. 2,718.80. The company, which has a presence in over 40 countries, added 12 new clients in the first quarter. The firm serves public sector clients in the areas of healthcare, retail, manufacturing, higher Education, and financial services. In FY24-25, the company's net profit grew 20.9% YoY to Rs. 375.9 crore while its revenue from operations increased by 13.1% to Rs. 3,455.2 crore. The operational profit was up by 7.4% to Rs. 546.5.
Economic Times
21-07-2025
- Business
- Economic Times
Mastek shares rally 13% after Q1 net profit surges 29% YoY
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Mastek rose by 13.08% on Monday to hit an intraday high of Rs 2,755 apiece on the BSE following the company's financial results for the first quarter of week, Mastek reported a 28.7% year-on-year increase in net profit for Q1FY26, rising to Rs 92 crore from Rs 71.5 crore in the same quarter the previous operating Ebitda margin was 15%, down slightly by 31 basis points, reflecting continued investments in talent and capabilities. Despite this, operating Ebitda grew 10.8% strong financials and consistent execution have boosted market confidence, leading to the sharp uptick in its stock is currently trading above all 8 Simple Moving Averages (SMAs), ranging from the short-term 5-day SMA to the long-term 200-day SMA, indicating a strong upward trend across multiple to Trendlyne's SWOT analysis, the stock's strengths significantly outweigh its weaknesses. Key positive factors include a trailing twelve-month (TTM) price-to-earnings (PE) ratio that is lower than its 3-year, 5-year, and 10-year averages, signalling potentially attractive valuation. The company has also shown consistent growth in net profit with improving profit margins Mastek maintains low debt levels, has recorded rising annual net profits over the past two years, and has seen its book value per share increase during the same period. Importantly, the company has zero promoter pledge, which is viewed positively by investors as it indicates confidence and financial stability.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
