Mumbai, April 9: Infotech solutions provider Mastek has recorded a 29 per cent jump in net profit for the quarter ended March 31, 2008, against the corresponding quarter of the previous year. The company follows a July-June financial year.

Mastek’s total income for the quarter under review rose 11 per cent to Rs 238.9 crore from Rs 215.9 crore in the preceding quarter.

On a year-on-year basis, the company’s total income for the quarter was higher by 22 per cent at Rs 238.9 crore compared with Rs 195.3 crore in the corresponding quarter last year (excluding contributions from the erstwhile Deloitte joint venture).

The company said its revenue growth was driven by the addition of 11 customers. Other factors such as partnerships with Thales UK, expansion of the order book to Rs 406 crore, growing acceptance of its Elixir solution in the insurance industry and the newly acquired STGMastek have also contributed to its improved performance.

Mastek had acquired US-based Systems Task Group in March last year for $29 million. The new entity, STGMastek, had been integrated with the company’s operations from January 1 this year.

“In addition to growing our existing accounts and adding new ones, we also continued to realise the benefits of productivity and cost efficiency that exceeded our expectations. We remain focused on and continue to implement our growth plans and expect to deliver a 35 per cent growth in dollar terms for the full year," said Sudhakar Ram, chairman and managing director of Mastek.

The company said the growth outlook was strong for the full fiscal as well as the next year.

For the April-June 2008 quarter, Mastek expects its consolidated total income to be in the range of Rs 245-250 crore. Net profit after tax and minority interest is likely to be around Rs 38 crore.