Mastek Limited (NSE: MASTEK; BSE: 523704), a leading AI-first digital engineering and cloud transformation partner, has announced its certification as a Great Place to Work® in five countries: India, UK, USA, KSA, and UAE. This recognition highlights the company's commitment to fostering a positive work environment and employee satisfaction on a global scale.

Impressive Survey Results

In the recent Great Place to Work (GPTW) survey, Mastek achieved a remarkable overall score of 76.00%, significantly outperforming regional averages. For context, typical GPTW ratings in the U.S. average 57.00%, while the Global Employee Engagement Benchmark reports regional averages of approximately 52.00% in Europe and 53.00% in the U.S. & Canada.

Key performance metrics from the survey include:

Global Recognition and Expansion

This year's certification holds particular significance as Mastek's UAE team celebrates its first GPTW recognition, marking a milestone in the company's expanding global journey. Mastek currently operates in over 40 countries with a workforce of close to 5,000 employees, serving more than 400 active customers across various sectors including Public Sector, Healthcare, Retail, Manufacturing, Higher Education, and Financial Services.

Leadership Perspective

Umang Nahata, CEO of Mastek, emphasized the importance of this achievement, stating, "At Mastek, we believe our people are the foundation of every success story. As global industry dynamics evolve with AI at the center of gravity, we are nurturing talent and empowering our teams through Mastek's AI Academy and with our AI powerhouse, ADOPT.AI, leading the way. This recognition reflects the harmony between our culture of integrity, dignity, and trust, and our technology vision that serves people, communities, and society."

Focus on Employee Well-being and Growth

Arvind J., CHRO at Mastek, highlighted the company's commitment to creating a culture of belongingness, stating, "We strive to create a workplace culture of belongingness, where every voice is heard, every contribution is valued, and well-being is prioritized. Our VECTOR values – Velocity, Empowerment, Collaboration, Trust, Ownership, and Respect – guide how we create growth-oriented careers and drive continuous upskilling and reskilling to align with our AI-led growth vision."

Conclusion

Mastek's achievement of the Great Place to Work certification across five countries underscores its dedication to creating a positive work environment that fosters employee satisfaction, growth, and innovation. As the company continues to expand its global footprint and embrace cutting-edge technologies like AI, this recognition serves as a testament to Mastek's commitment to its workforce and its position as a leading employer in the tech industry.

Mastek Limited , a global digital transformation services provider, has reported a robust financial performance for the first quarter, with total income growing by 13.2% year-on-year. The company's strategic focus on key markets and emerging technologies has yielded positive results, particularly in its UK and Europe operations.

Financial Highlights

• Total income reached INR 915.00 crores, marking a 13.2% year-on-year growth and a 1% sequential increase
• Net profit surged by 28.7% year-on-year
• Operating EBITDA margins stood at 15%, despite offering discounts to a major client
• Order backlog grew to $274.00 million, representing a 3.5% quarter-on-quarter increase

Strong Performance in UK & Europe

The UK & Europe business emerged as the primary growth driver for Mastek, registering an impressive 27% year-on-year increase. This growth was fueled by expansion across multiple sectors:

• Healthcare
• Government services
• Enterprise sector, including a significant deal in the BFSI (Banking, Financial Services, and Insurance) space worth over $15.00 million

Challenges in the US Market

While the UK & Europe segment flourished, the US market faced some headwinds:

• Reduced client spending in retail and healthcare sectors
• Flat year-on-year performance
• 8.5% quarter-on-quarter decline

Despite these challenges, Mastek secured AI-led testing automation deals and is actively working on AI initiatives across more than 10 accounts in the US.

Strategic Initiatives and Future Outlook

Mastek is positioning itself for future growth through several strategic initiatives:

1. AI Capabilities: The company is investing in AI capabilities and has secured AI-led testing automation deals, indicating a strong focus on emerging technologies.

2. Leadership Expansion: Management is in advanced stages of hiring a US President and CFO, which could potentially strengthen the company's presence in the US market.

3. Cash Management: The company's cash position decreased to INR 549.00 crores from INR 622.00 crores, primarily due to variable payouts and debt repayment, demonstrating a balanced approach to financial management.

4. Market Expansion: Mastek is leveraging its success in the UK to expand its presence in other markets, particularly in the BFSI sector.

Ashank Desai, Principal Founder and Chairman of Mastek Limited, commented on the results during the earnings conference call, stating, "We have delivered almost 13.2% year-on-year growth on income, total income in rupee terms and net profit, of course, grew 28.7% in rupee terms. Our operating EBITDA grew 10.8%. These are year-on-year growth, which certainly makes us feel satisfied in terms of our performance."

As Mastek continues to navigate the evolving digital landscape, its strong performance in the UK & Europe, coupled with its focus on AI and strategic hiring, positions the company for potential growth in the coming quarters. However, addressing the challenges in the US market will be crucial for maintaining overall growth momentum.

Investor Relations

Mastek Limited has scheduled a Non-Deal Roadshow (NDR) in Mumbai, where management representatives will engage in one-on-one and group meetings with investors and analysts. This event underscores the company's commitment to transparent communication with its stakeholders as it continues its growth trajectory in the digital transformation space.