Mastek

₹2375 -39.1 | 1.6%

WEBSITE BSE:523704 NSE : MASTEK LTD 10 May, 16:01

Market Cap ₹7326 Cr.

Stock P/E 24.3

P/B 3.5

Current Price ₹2375

Book Value ₹ 681

Face Value 5

52W High ₹3147

Dividend Yield 0.8%

52W Low ₹ 1721

Edit Ratio

Mastek Research see more...

Mastek: Charting an Ambitious Journey

Overview Inc. Year: 1982Industry: IT - Software

Mastek Ltd is an primarily India-based company which is expert in digital transformation. The Company is a provider of vertically focused organization technology solutions. Its segments comprises UK & Europe operations, North America operations, Middle East and Others. The portfolio of its offerings consists of commercial enterprise and technology services, which consists of application development, application preservation, commercial enterprise intelligence and data warehousing, testing and warranty and legacy modernization. Its services include digital utility and engineering, Oracle cloud and employer programs, virtual commerce and experience in, data, automation and AI, and cloud and software as a carrier (SaaS) managed services. It caters to various industries, inclusive of public sector and authorities, healthcare and lifestyles sciences, retail and consumer, production and industrial, and monetary services. It has its software program development facilities in India.

Mastek Share Price

New

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

Show Value Show %

Peer Comparison

Mastek Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	552	582	570	625	659	709	725	766	784	780
Other Income	6	18	26	7	6	-0	2	5	3	5
Total Income	558	599	596	632	665	709	728	770	788	785
Total Expenditure	436	461	461	518	545	584	598	643	651	655
Operating Profit	122	139	135	114	120	125	129	128	137	131
Interest	2	3	2	5	8	9	9	13	13	9
Depreciation	11	12	11	17	20	20	20	21	22	27
Exceptional Income / Expenses	0	0	0	25	0	0	0	-4	0	0
Profit Before Tax	110	124	122	117	92	96	100	90	102	94
Provision for Tax	26	36	38	31	25	24	27	25	24	-1
Profit After Tax	83	88	84	86	67	73	74	65	78	94
Adjustments	-10	-8	-7	-7	-3	-0	-3	-2	-2	-2
Profit After Adjustments	74	80	77	79	64	73	70	63	75	92
Adjusted Earnings Per Share	24.8	26.6	25.7	26.3	21.3	23.8	22.9	20.5	24.6	29.9

Mastek Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	683	398	504	527	560	817	1033	1071	1722	2184	2563	3055
Other Income	9	13	18	22	13	21	25	41	31	36	38	15
Total Income	692	411	522	549	573	838	1058	1113	1753	2220	2602	3071
Total Expenditure	626	341	436	511	512	718	902	916	1361	1721	2108	2547
Operating Profit	66	70	87	38	61	121	156	197	392	499	494	525
Interest	0	1	1	1	4	6	6	4	8	8	25	44
Depreciation	22	33	37	19	15	19	17	25	45	43	67	90
Exceptional Income / Expenses	0	0	-12	-3	-3	0	1	-24	0	0	25	-4
Profit Before Tax	44	36	36	16	39	96	133	144	339	448	427	386
Provision for Tax	9	5	-0	3	7	26	32	30	88	115	117	75
Profit After Tax	34	31	36	14	32	70	101	114	252	333	310	311
Adjustments	0	21	-19	0	0	0	0	-5	-42	-38	-17	-9
Profit After Adjustments	34	52	18	14	32	70	101	109	209	295	293	300
Adjusted Earnings Per Share	13.9	23.4	7.9	6	13.9	29.5	42.3	44.8	82.9	98.3	96	97.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	17%	34%	26%	14%
Operating Profit CAGR	-1%	36%	32%	22%
PAT CAGR	-7%	40%	35%	25%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	37%	8%	39%	31%
ROE Average	23%	30%	24%	15%
ROCE Average	27%	32%	26%	17%

Mastek Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	533	560	596	319	469	549	716	790	859	1071	1683
Minority's Interest	0	0	0	0	0	0	0	137	182	150	91
Borrowings	1	1	20	0	65	50	69	241	190	121	269
Other Non-Current Liabilities	11	2	3	-9	38	-1	-4	218	280	223	257
Total Current Liabilities	171	167	189	103	123	189	169	478	732	852	736
Total Liabilities	716	731	808	413	695	787	950	1865	2243	2418	3036
Fixed Assets	247	261	279	66	180	179	167	852	802	837	1740
Other Non-Current Assets	64	65	57	71	195	180	298	148	75	66	56
Total Current Assets	405	406	472	277	320	428	484	865	1365	1515	1240
Total Assets	716	731	808	413	695	787	950	1865	2243	2418	3036

Mastek Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	85	111	71	124	67	48	88	93	220	608	727
Cash Flow from Operating Activities	80	89	59	31	43	65	75	184	287	273	108
Cash Flow from Investing Activities	-9	-70	-24	16	-119	-24	-53	-269	198	-20	-738
Cash Flow from Financing Activities	-43	-67	22	-4	65	-7	-16	205	-118	-129	93
Net Cash Inflow / Outflow	29	-48	57	43	-12	34	6	121	368	125	-537
Closing Cash & Cash Equivalent	111	71	124	67	48	88	93	220	608	727	208

Mastek Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	13.93	23.37	7.86	5.98	13.86	29.52	42.31	44.84	82.94	98.31	96.01
CEPS(Rs)	22.87	28.67	32.74	14.1	20.25	37.43	49.55	57.13	117.55	125.35	123.74
DPS(Rs)	3	4.5	2.5	2.5	3.5	6	8.5	8	14.5	19	19
Book NAV/Share(Rs)	216.3	252.79	263.69	138.53	197.19	227.42	291.17	316.96	329.68	348.21	546.58
Core EBITDA Margin(%)	8.36	14.34	13.56	3.02	8.67	12.2	12.73	14.5	20.97	21.18	17.78
EBIT Margin(%)	6.47	9.23	7.45	3.22	7.65	12.47	13.5	13.78	20.18	20.87	17.64
Pre Tax Margin(%)	6.41	9.06	7.16	3.13	6.97	11.75	12.91	13.45	19.71	20.52	16.67
PAT Margin (%)	5.02	7.69	7.24	2.61	5.79	8.56	9.82	10.62	14.62	15.27	12.1
Cash Profit Margin (%)	8.25	15.94	14.65	6.15	8.45	10.86	11.5	12.94	17.23	17.23	14.73
ROA(%)	4.73	4.23	4.74	2.25	5.85	9.44	11.68	8.09	12.26	14.31	11.38
ROE(%)	6.42	5.61	6.32	3.01	8.31	13.99	16.4	15.51	31.44	35.52	22.87
ROCE(%)	8.21	6.71	6.32	3.6	10.03	17.66	19.86	15.46	30.98	38.29	27.27
Receivable days	88.01	121.78	90.64	79.87	59.37	57.86	67.56	89.29	73.2	67.73	67.08
Inventory Days	0	0	0	0	0	0	0	0	0	0	0
Payable days	0	0	0	0	0	0	0	0	0	0	0
PER(x)	8.79	8.85	54.2	24.03	13.07	17.93	10.48	4.22	14.71	33.76	16.05
Price/Book(x)	0.57	0.82	1.62	1.04	0.92	2.33	1.52	0.6	3.7	9.53	2.82
Dividend Yield(%)	2.45	2.17	0.59	1.74	1.93	1.13	1.92	4.23	1.19	0.57	1.23
EV/Net Sales(x)	0.27	0.93	1.64	0.46	0.79	1.51	1.01	0.53	1.59	4.3	1.9
EV/Core EBITDA(x)	2.74	5.32	9.56	6.33	7.21	10.25	6.65	2.91	6.96	18.83	9.85
Net Sales Growth(%)	-6.84	-41.7	26.48	-47.96	6.31	45.89	26.43	3.7	60.7	26.83	17.38
EBIT Growth(%)	571.87	-16.82	2.06	-28.43	152.06	137.89	36.93	5.86	135.23	31.17	-0.8
PAT Growth(%)	6760.38	-10.7	19.01	-22.48	135.8	115.86	45.04	12.16	121.2	32.44	-6.94
EPS Growth(%)	7425.99	67.78	-66.35	-24	131.94	112.94	43.35	5.96	85	18.53	-2.34
Debt/Equity(x)	0	0	0.05	0	0.14	0.13	0.1	0.43	0.31	0.18	0.22
Current Ratio(x)	2.36	2.42	2.5	2.7	2.61	2.26	2.87	1.81	1.87	1.78	1.69
Quick Ratio(x)	2.36	2.42	2.5	2.7	2.61	2.26	2.87	1.81	1.87	1.78	1.69
Interest Cover(x)	111.49	54.09	25.51	33.77	11.36	17.39	22.76	40.8	42.89	59.34	18.29
Total Debt/Mcap(x)	0.01	0	0.03	0	0.15	0.06	0.07	0.73	0.08	0.02	0.08

Mastek Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	37.59	37.3	37.31	37.28	37.27	36.75	36.57	36.5	36.47	36.26
FII	4.84	6.62	8.01	13.04	13.25	13.14	13.42	13.93	14.1	14.4
DII	7.22	6.65	5.71	3.73	3.9	4.8	5.86	5.99	6.41	7.06
Public	50.35	49.43	48.96	45.95	45.58	45.31	44.15	43.58	43.02	42.27
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.12	1.12	1.12	1.12	1.12	1.12	1.12	1.12	1.12	1.12
FII	0.14	0.2	0.24	0.39	0.4	0.4	0.41	0.43	0.43	0.44
DII	0.21	0.2	0.17	0.11	0.12	0.15	0.18	0.18	0.2	0.22
Public	1.5	1.48	1.47	1.38	1.37	1.38	1.35	1.34	1.32	1.3
Others	0	0	0	0	0	0	0	0	0	0
Total	2.97	3	3	3.01	3.01	3.05	3.06	3.06	3.07	3.08

Pros

Company has delivered good profit growth of 34% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 30%
Company is almost debt free.

Cons

Promoter holding is low: 36.26%.
Stock is trading at 3.5 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.