Mastek Limited Company Profile

Background

Mastek Limited, established in 1982, is a global enterprise digital and cloud transformation specialist headquartered in Mumbai, India. The company focuses on delivering innovative technology solutions across various sectors, including healthcare, life sciences, retail, manufacturing, financial services, and the public sector. Mastek's mission is to engineer excellence by enabling digital transformation and delivering business outcomes with trust, value, and velocity.

Key Strategic Focus

Mastek's strategic focus encompasses several core objectives:

Digital and Application Engineering: Offering services such as platform engineering, cloud migration, enterprise integration, microservices, low-code solutions, quality engineering, Integration Platform as a Service (IPaaS), DevSecOps, and API solutions.

Oracle Cloud and Enterprise Applications: Providing expertise in Oracle E-Business Suite, consulting services, analytics cloud and infrastructure, autonomous data warehouse, enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM), human capital management (HCM), and industry-specific cloud solutions.

Digital Commerce and Experience: Delivering solutions in commerce, experience platforms, search and intelligent recommendations, and modern UI/UX designs.

Data, Automation, and Artificial Intelligence (AI): Specializing in data management and governance, data warehousing, reporting, data lakes, cloud data warehouses, data virtualization, analytics/machine learning, hyper-automation, and extract, transform, load (ETL) solutions.

These services are tailored to meet the needs of primary markets, including the public sector, healthcare, retail, manufacturing, and financial services.

Financials and Funding

As of the fiscal year ending March 31, 2024, Mastek reported consolidated revenue from operations of ₹3,05,479 lakhs, marking a 19.2% increase from the previous year. The net profit for the same period was ₹31,097 lakhs, reflecting a slight increase of 0.2% year-over-year. The revenue distribution across service lines was as follows:

Digital & Application Engineering: ₹1,35,287 lakhs (44.3%)

Oracle Cloud & Enterprise Apps: ₹94,454 lakhs (30.9%)

Digital Commerce & Experience: ₹53,608 lakhs (17.6%)

Data, Automation, and AI: ₹22,130 lakhs (7.2%)

Geographically, the revenue was distributed as follows:

UK & Europe Operations: ₹1,74,000 lakhs

North America: ₹82,936 lakhs

AMEA (Asia, Middle East, and Africa): ₹48,594 lakhs

Pipeline Development

Mastek has been actively expanding its service offerings and market reach through strategic acquisitions and partnerships:

Acquisition of BizAnalytica LLC: In 2024, Mastek's wholly-owned subsidiary, Mastek Inc., acquired BizAnalytica LLC, a U.S.-based data cloud and modernization specialist. The acquisition included an upfront payment of $16.72 million and an earn-out between $0 to $24.0 million, subject to achieving financial targets.

Launch of Cloud Enhancement Service (CES): In 2022, Mastek introduced CES offerings, providing significant return on investment to its customers.

Expansion into Canada: Mastek expanded its base to Canada, enabling the company to serve Canadian customers while expanding its talent workforce.

Technological Platform and Innovation

Mastek differentiates itself through its proprietary technologies and innovative methodologies:

iConniX: A Generative AI-powered solution launched in 2024, offering over 120 AI assets, four AI platforms, and solution blueprints tailored to meet industry-specific business use cases.

InfoGENius: An AI-based accelerator for using generative technology, also launched in 2024.

Partnership with Microsoft: In 2024, Mastek joined forces with Microsoft to transform industries using Generative AI capabilities.

Leadership Team

Mastek's leadership team comprises experienced professionals driving the company's strategic vision:

Ashank Datta Desai: Co-Founder and Non-Executive Chairman of the Board. Desai graduated in Mechanical Engineering from the Indian Institute of Technology (IIT), Bombay, and holds a postgraduate diploma in Business Management from the Indian Institute of Management, Ahmedabad.

Ketan Bansilal Mehta: Co-Founder and Non-Executive & Non-Independent Director.

Umang Tejkaran Nahata: Whole Time Director and Chief Executive Officer.

Prameela Nagamalati Kalive: Chief Operating Officer.

Ritwik Batabyal: Chief Technology and Innovation Officer.

Dinesh Kumar Kalani: Senior Vice President, Group Company Secretary, and Compliance Officer.

Vimalsingh Dangri: General Counsel and Chief Risk Officer.

Prajakta Talvelkar: Chief Marketing Officer.

Leadership Changes

In 2023, Ashank Desai transitioned from his role as Managing Director to Non-Executive Chairman, effective April 1, 2023.

Competitor Profile

Market Insights and Dynamics

The global IT services market is experiencing significant growth, driven by increasing demand for digital transformation, cloud computing, and AI solutions. Mastek operates in a competitive landscape with several key players offering similar services.

Competitor Analysis

Key competitors include:

Tata Consultancy Services (TCS): A leading global IT services firm offering a wide range of services, including consulting, software development, and business process outsourcing.

Infosys: Provides IT consulting and services, including digital transformation, cloud services, and AI solutions.

Wipro: Offers IT services, consulting, and business process services, with a focus on digital strategy and transformation.

HCL Technologies: Specializes in IT services, including software development, infrastructure management, and engineering services.

These competitors have established market presence and offer comprehensive service portfolios, posing challenges to Mastek's market share.

Strategic Collaborations and Partnerships

Mastek has formed significant collaborations to enhance its market position and innovation capacity:

Partnership with Microsoft: In 2024, Mastek joined forces with Microsoft to transform industries using Generative AI capabilities.

Acquisition of BizAnalytica LLC: In 2024, Mastek's wholly-owned subsidiary, Mastek Inc., acquired BizAnalytica LLC, a U.S.-based data cloud and modernization specialist.