Latest news with #UmangNahata
Time of India
16 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
16 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
17 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.
Business Standard
21-07-2025
- Business
- Business Standard
Mastek spurts after Q1 PAT jumps 13% QoQ to Rs 92 cr
Mastek surged 9.08% to Rs 2,718 after the company's consolidated net profit jumped 13.54% to Rs 92.05 crore on 1.02% increase in revenue from operations to Rs 914.70 crore in Q1 FY26 over Q4 FY25. On a year on year basis, the companys revenue and net profit jumped 12.5% and 28.7%, respectively in Q1 FY26. During the quarter, profit before tax (PBT) stood at Rs 120.70 crore, up 13.95% QoQ and 22.4% YoY. Operating EBITDA stood at Rs 137.3 crore in the June quarter, registering a decline of 1% QoQ and a growth of 10.8% YoY. The operating EBITDA margin narrowed to 15% in Q1 FY26, compared to 15.3% in Q4 FY25 and 15.2% in Q1 FY25. In terms of dollars, the firm's revenue was $107.4 million in Q1 FY26, up 2.6% QoQ and 10.4% YoY. In constant currency terms, revenue was down by 1.1% QoQ and 6.8% YoY. 12 months order backlog was Rs 2,347.9 crore ($273.8 million) as on 30th June, 2025 as compared to Rs 2,168.8 crore ($260.1 million) in Q1FY25, reflecting growth of 8.3% in rupee terms on Y-o-Y basis and Rs 2,290.9 crore ($264.5 million) in Q4FY25, reflecting growth of 2.5% in rupee terms on Q-o-Q basis. The company added 12 new clients in Q1 FY26. Total active clients during Q1 FY26 were 323 as compared to 348 in Q4 FY25. As on 30th June, 2025, the company had a total of 4,824 employees, of which 3,262 employees were based offshore in India while the rest were at various onsite locations. The total cash, cash equivalents and fair value of Mutual Funds stood at Rs 549.0 crore as on 30th June, 2025 as compared to Rs 622.2 crore as on 31st March, 2025. Umang Nahata, chief executive officer (CEO), Mastek, said, We are pleased to report another steady quarter, with revenue growth of 12.5% Y-o-Y in rupee terms. Growth was led by strong performance in the UK and Europe, driven by momentum in healthcare and secured government services. The US business witnessed headwinds in some accounts, however pipeline and order backlog remain strong. Our 12-month order backlog grew 8.3% Y-o-Y in rupee terms, supported by strong demand across Digital Engineering and Data, Automation & AI. Oracle-led engagements in healthcare and commercial sectors continuing to scale. Our AI proposition is building tremendous traction with customers with over 10 deals finalised this quarter across generative and agentic AI solutions delivering significant productivity gains. We also signed a strategic partnership with Open Ana which significantly elevates our AI capabilities. While the external environment remains dynamic, our execution focus, combined with deep client relationships, positions us well to deliver sustainable and profitable growth in the coming quarters. Mastek is a global provider of enterprise AI, digital, and cloud services, enabling clients to achieve measurable and sustainable returns on their technology investments. It partners with industry leaders such as Oracle, Salesforce, Microsoft, AWS, Snowflake, and Databricks, serving key sectors such as the public sector, healthcare, retail, manufacturing, higher education, and financial services.
