CEO speak: Mastek losses narrowing, profits and growth in sight, says Sudhakar Ram
Monday, 16th May 2011
For the March quarter, Mastek had a net loss of Rs 7.1 crore, down from Rs 27.6 crore in the quarter ended December 31, 2010.
�We had a choice of cutting on some of our investments in product development and sales and marketing, but looking at some of the growth prospects, we decided not to. That is why we did not add much to the bottom line,� said Sudhakar Ram, chairman, MD and CEO of Mastek.
Some investments the company made in the products space had helped in getting new deals this quarter. A fair amount of the seven deals signed have come from the insurance property and casualty (P&C) segment. �We were running dry of new deals in this segment, but that has changed,� he added. Also, the acquisition of SEG Software has allowed the firm to increase its penetration in the US market.
Publication : Business Standard
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