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Anand Rathi Report
Mastek Ltd. had a decent quarter: $72 million revenue, up 2.6% QoQ (3.9% cc), 31% YoY.
Cross-currency headwinds were higher due to U.K. dependence. U.K. government business was slow in Q2 (down 1.8% QoQ) but has started seeing more orders.
U.S. registered second quarter of growth (up 35% YoY) and its highest revenue. Looking to grow and accelerate through M&A.
The 19.2% Ebit margin (down 77bps QoQ, up 89bps YoY) is likely to erode due to rising wages and SG&A investments.
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