{"id":155089,"date":"2023-10-19T11:38:38","date_gmt":"2023-10-19T15:38:38","guid":{"rendered":"https:\/\/44.250.171.167\/?p=155089"},"modified":"2023-10-19T11:38:39","modified_gmt":"2023-10-19T15:38:39","slug":"mastek-ltd-q2-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/mastek-ltd-q2-fy24-earnings-conference-call-insights\/","title":{"rendered":"Mastek Ltd Q2 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Mastek Ltd (MASTEK) Q2 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Revenue Growth<\/strong>\n<ul>\n<li>Revenue was up 13.5% year-on-year in constant currency terms, driven by the UK and US geographies.<\/li>\n<li>Organic revenue growth was 2.7% quarter-on-quarter in INR terms.<\/li>\n<li>Acquisition of BizAnalytica contributed $2.5 million in revenue for the quarter.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Order Backlog and Margin<\/strong>\n<ul>\n<li>12-month order backlog grew by 5.6% quarter-on-quarter and 22.3% year-on-year.<\/li>\n<li>Strong order booking seen in the UK geography.<\/li>\n<li>Operating margins at 16.1%, down 140 bps quarter-on-quarter.<\/li>\n<li>Margin impact due to annual wage hikes and BizAnalytica acquisition.<\/li>\n<li>Working on improving utilization and optimizing costs to improve margins.<\/li>\n<li>Aims to get back to 17-19% operating margin range in coming quarters.<\/li>\n<li>Growth in US business will help lift margins back up over time.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Cash Flows<\/strong>\n<ul>\n<li>Gross cash increased to INR 312 crores versus INR 220 crores last quarter.<\/li>\n<li>Strong cash flows driven by DSO reduction and dividend inflows.<\/li>\n<\/ul>\n<\/li>\n<li><strong>UK Business Growth<\/strong>\n<ul>\n<li>UK growth was slower in recent quarters due to seasonal impacts like holidays and furloughs.<\/li>\n<li>UK has seen strong order booking and deal momentum leading into Q4.<\/li>\n<li>Expects UK business to continue growing in Q4 based on current momentum.<\/li>\n<\/ul>\n<\/li>\n<li><strong>US Business Growth<\/strong>\n<ul>\n<li>Took a few extra quarters for US growth to pick up momentum.<\/li>\n<li>US crossed $100M run rate for the first time recently.<\/li>\n<li>Seeing increased momentum in US now and expects continued growth given strong foundation.<\/li>\n<li>Main growth driven by healthcare and manufacturing verticals currently.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Deal Sizes<\/strong>\n<ul>\n<li>Seeing increased larger deal sizes of 10 million to 20 million in sales pipeline.<\/li>\n<li>Being selective in competing for larger deals where Mastek has advantage.<\/li>\n<li>Leveraging company&#8217;s relationships and expertise for deals with higher win probability.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Company Growth and Outlook<\/strong>\n<ul>\n<li>The company aims to grow at double digit rates and outpace the industry by a few percentage points.<\/li>\n<li>The company sees good potential in major markets like US and UK despite macro uncertainty.<\/li>\n<li>Selective investments being made in newer departments and verticals beyond current presence.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Client Mining<\/strong>\n<ul>\n<li>Seeing good growth in mining accounts over $1 million.<\/li>\n<li>Number of Fortune 1000 clients has increased.<\/li>\n<li>Focus on mining named accounts through closer partnership with vendors like Oracle, Salesforce.<\/li>\n<li>Successfully growing within existing clients by penetrating new business units.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Deal Cycles<\/strong>\n<ul>\n<li>Broader uncertainty has led to longer decision cycles and delays.<\/li>\n<li>Expect extended delays over next few quarters due to elections in major markets.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Healthcare Vertical Focus<\/strong>\n<ul>\n<li>Significant growth opportunity seen in US healthcare, can become $100 million vertical.<\/li>\n<li>UK\u2019s NHS expected to see growth in FY25 based on some deals in pipeline.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Higher Attrition<\/strong>\n<ul>\n<li>Attrition still higher than industry average due to niche skills.<\/li>\n<li>Expect gradual reduction in attrition going forward.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Investments in New Solutions<\/strong>\n<ul>\n<li>Continued investments in AI, especially generative AI.<\/li>\n<li>Winning initial deals in disruptive solutions like generative AI.<\/li>\n<li>Stronger value proposition for customers moving from POCs to enterprise-wide use cases.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Mastek Ltd (MASTEK) Q2 FY24 Earnings Concall Revenue Growth Revenue was up 13.5% year-on-year in constant currency terms, driven by the UK and US geographies. Organic revenue growth was 2.7% quarter-on-quarter in INR terms. Acquisition of BizAnalytica contributed $2.5 million in revenue for the quarter. Order Backlog and Margin 12-month order backlog [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,8],"tags":[8588,10169,5075],"class_list":["post-155089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-technology-stocks","tag-consulting","tag-earnings","tag-it-services"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":171693,"url":"https:\/\/alphastreet.com\/india\/mastek-q2-fy26-earnings-results\/","url_meta":{"origin":155089,"position":0},"title":"Mastek Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"October 21, 2025","format":false,"excerpt":"Established in 1982, Mastek is a provider of vertically-focused enterprise technology solutions. Having its presence in IT industry for almost 4 decades, Mastek Ltd has evolved from an IT solutions provider to Digital transformation partner. 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On the National Stock Exchange, the company's shares closed down 2.18%, while on the BSE, the stock declined 1.13%. Market Capitalization The company's market capitalization is approximately \u20b967.4 billion.\u2026","rel":"","context":"In &quot;Technology&quot;","block_context":{"text":"Technology","link":"https:\/\/alphastreet.com\/india\/category\/technology-stocks\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/155089","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=155089"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/155089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/154818"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=155089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=155089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=155089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}