Mastek - Less Dependence On UK, Currency Headwinds Abating: Anand Rathi

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Anand Rathi Report.Mastek Ltd.’s Q2 revenues were down 1.1% QoQ, but YoY up 1.1 %, to $78 million. The key reason was the weak UK healthcare account which shrank in the last two quarters, but has now stabilized. Excluding healthcare, government and dducation are doing well and uncertainty surrounding the new leadership seems behind. Besides, a sharp rebound in the pound and euro versus the dollar, reversing the trend of the last two quarters, benefits companies with greater exposure to Europe. Reflecting these trends, we expect the Q3 order backlog to improve sequentially. The Q2 FY23 margin was 17.8% (down 134 basis points QoQ, 331 bps YoY, adjusted for forex loss) hurt by increments in Q2 and drop in utilisation to a low 67.8% (down 90 bps QoQ, 510 bps YoY). Offshoring (by effort) was down 210 bps QoQ to 73.7% (190 bps YoY) and is unlikely to be a lever in the short term. Risk: merger and acquisition integration-related..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Mastek - Less Dependence On UK, Currency Headwinds Abating: Anand Rathi

On a constant currency basis, the company is likely to report ~12% (organic) growth in FY23.

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Mastek - Less Dependence On UK, Currency Headwinds Abating: Anand Rathi

On a constant currency basis, the company is likely to report ~12% (organic) growth in FY23.

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