Mastek Ltd


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Mastek Ltd Company background

Founded in: 1982
Mastek Limited is a trusted and Turnkey Digital Engineering and Cloud Transformation Partner that delivers innovative solutions and business outcomes for clients across industry verticals including Healthcare and Life Sciences, Retail, Manufacturing, Financial Services and Government/ Public Sector. The Company enable customer success and business change programmes by partnering with enterprises to unlock the power of data, modernize applications to cloud, and accelerate digital advantage for all stakeholders.Mastek Limited was incorporated on 14th May 1982, with its principal offshore delivery facility based at Mumbai, India Mastek operates across the US, Europe, Japan and Asia Pacific regions, also has been at the forefront of technology, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries. Mastek was the first Company in India to create software products during the year 1985. In 1989, the company had introduced Relational Database Management System (RDBMS) in India it was the first of its kind. To work additionally, a subsidiary company in Singapore was established in the year 1990. Mastek was the first company developed Enterprise Resource Planning in India during the year 1992 and in the same year, the Mastek USA was founded. One more subsidiary company was incorporated under the companys control in Malaysia during the year 1994. The Company made its footprint in UK and also formed a subsidiary in Germany in the year 1996 and 1999 respectively. Mastek assessed at People Capability Maturity Model (PCMM) Level 3 in the year 2000. In the year 2002, the companys stateoftheart campus was launched in Millennium Park at New Bombay. One of the worlds largest Dot Net project London Congestion Charging of the company was goes live in the year 2003. Also in the same year, Mastek awarded the Best Solution developed on .NET by an Indian SI. During the year 2005, the company had signed the memorandum of agreement to acquire 15.5 acres of land at Mahindra City in Chennai. Mastek groups first development centre outside Maharashtra, India, Launched its largest development centre outside Mumbai in Pune in the identical year of 2005. Mastek had attained the position, among top 15 Indian IT companies as per NASSCOM survey in the year 2006. In the year 2007, the companys launched its development centre at Chennai and also a new building was commissioned at Millennium Park campus at New Bombay. In July of the year 2007, Mastek had acquired insurancefocused IT Company Vector Insurance Services. During the same year of 2007, Mastek credited as the first to ride the third wave of Indian IT and obtained Level 3 of CMMI version 1.2. Mastek had ranked in the top 50 global outsourcing providers in The Black Book of Outsourcing published by the BrownWilson Group of the year 2007. The Company had acquired Systems Task Group (STG) International Ltd in March 2008, an IPbased enterprise solutions provider to the North American property and casualty (PC) insurance industry. The Company has been ranked among the Top 20 among the leaders of Global Outsourcing 100 Companies 2008 by the International Association of Outsourcing Professionals, published in Fortune magazine in May of the year 2008. In July of the year 2008, Mastek had revised its agreement with Capita Life Pensions to expand its licence and service arrangement for the Elixir software to support the customer base of Capitas growing, market leading Business Process Outsource (BPO) operations in the UK Life Pensions market. In FY 201112, Honble Bombay High Court vide its Order dated December 2, 2011 and Gujarat High Court vide Order dated July 7, 2011 had approved Merger of Keystone Solutions India Private Limited, a step down subsidiary with the Company, being appointed date of the Merger Scheme, July 01, 2011.The Board of Directors of the Company in their meeting held on 15 September 2014, had approved demerger of Insurance Products and Services business of the Company, into a new Company, Minefields Computer Limited to be renamed as Majesco Limited, to be followed by transfer of Majesco India of the Offshore Insurance Operations business in India to Majesco Software and Solutions India Private Limited (MSSIPL). During the year 201415, Company sold its entire shareholding in Mastek Asia Pacific Pte. Ltd. to Majesco Sdn. Bhd, Malaysia for a consideration of SGD 380,000 and consequently, Mastek Asia Pacific Pte. Ltd. ceased to be a Subsidiary of the Company effective, October 31, 2015.The Company increased 37 new clients during the year, totaling up to 157 clients for the FY 20182019. It had 2 direct wholly owned subsidiaries and 4 step down subsidiaries as at 31 March, 2019.During the year 20192020, TAIS Tech LLC has been merged with Trans American Information Systems Inc. USA, step down subsidiary of the Company. Accordingly, TAIS Tech LLC now cease to exist effective December 31, 2019. Further, on April 30, 2020 a new entity i.e. Mastek Digital Inc. at Canada has been incorporated as wholly owned subsidiary of Mastek Inc.On February 8, 2020, Company acquired Evolutionary Systems Private Limited (Evosys), a leading Oracle Cloud implementation and consultancy company, that has served more than 1,000 Oracle Cloud customers. It expanded customer base to 30. As on March 31, 2020, Company has 20 Subsidiary Companies, which increased due to acquisition of Evosys Group Companies.As on March 31, 2021, the Company had 21 Subsidiary Companies.During the year 2021, Company increased 10 nonretail customers to support them in their digital transformation journey. It formed alliances and partnerships which opened up opportunities. It expanded base to Canada, enabling to serve Canadian customers while expanding the talent work force. During the year 2022, Company launched Cloud Enhancement Service (CES) offerings providing significant ROI to its customers. It secured the first deal for Canadian entity with a leading Healthcare service provider. It secured largest cosell deal encompassingfronttobackoffice transformation through their Oracle and Salesforce solutions (Acosta). It opened a new office in Bucuresti, Romania which will help strengthen our footprints in the European market and serve as a foundational step towards opening more nearshore delivery centres, closer to the UK market.During the year 202223, the Company acquired MST Solutions, i.e., MetaSoftTech Solutions LLC, US entity and Meta Soft Tech Systems Private Limited, Indian entity, a Salesforce consulting firm, in July 2022, which later on became the subsidiaries of the Company. It launched an Innovation Hub in Arizona that provides services such as Oracle, Salesforce, ServiceNow.
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Mastek Ltd FAQs

Mastek Ltd shares are currently priced at 2979.85 on NSE and 2981.15 on BSE as of 2/22/2024 12:00:00 AM. Please be aware that stock prices are subject to continuous fluctuations due to various factors.

The past 1-year return of Mastek Ltd [MASTEK] share was 76.88. The Mastek Ltd [MASTEK] share hit a 1-year low of Rs. 1475.1 and a 1-year high of Rs. 3145.

The market cap of Mastek Ltd is Rs. 9140.59 Cr. as of 2/22/2024 12:00:00 AM.

The PE ratios of Mastek Ltd is 81.7 as of 2/22/2024 12:00:00 AM.

The PB ratios of Mastek Ltd is 11.93 as of 2/22/2024 12:00:00 AM

The Mutual Fund Shareholding was 1.61% at the end of 2/22/2024 12:00:00 AM.

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